On January 14, Brian Armstrong, CEO of Coinbase, announced on X that the company would not support the Senate Banking draft crypto bill because it contained too many flaws. The statement came as lawmakers debated proposed changes to U.S. crypto rules.
Coinbase shares fell about 3.3% to roughly $247.3 at press time. Other crypto-linked stocks, including Strategy MSTR and Riot Platforms, also declined.
After the post, the Senate Banking Committee delayed discussion of the bill. Lawmakers have proposed over 75 amendments, and a recent draft would ban paying stablecoin yield.
Coinbase said the bill’s language leaves unclear which rewards might be permitted. “After reviewing the Senate Banking draft text over the last 48 hours, Coinbase unfortunately can’t support the bill as written,”
Coinbase and Brian Armstrong have been advising U.S. policymakers as the country’s stance shifted more pro-crypto. Typically many proposed amendments are defeated or withdrawn before final legislation (Ed. note: many proposed changes are often removed before a bill becomes law).
Coinbase stock was down about 1% since December 15, despite a recent rebound earlier this year.
