Michaël van de Poppe said the failure of the CLARITY crypto market structure bill to advance in the U.S. Congress is positive for markets and the industry, as he commented. Coinbase withdrew support on Wednesday after CEO Brian Armstrong listed concerns, as stated.
The bill, critics said, would effectively ban tokenized stocks, grant government access to user records on decentralized finance platforms, and prohibit yield-bearing stablecoins. “I think if the bill were approved in its current form, it would have had a very bad impact on the markets in general.” (Ed. note: European MiCA rules required multiple negotiation rounds.)
The White House reportedly threatened to drop support after the withdrawal, according to external reporting. Brian Armstrong denied that claim and said negotiations to craft an industry-acceptable bill are ongoing, adding “super constructive.” as he posted.
Industry figures urged preserving stablecoin yield. Nic Carter wrote “Don’t let them kill stablecoin yield. That would set back stables for a generation. Hold the line.” as he posted.
