Coinbase CEO, Brian Armstrong, has expressed his opposition to a major crypto bill currently under consideration in Congress. Armstrong believes that the latest version of the Clarity Act is not favorable in its current form.
In a recent statement, Armstrong outlined several key issues that prevent Coinbase, the largest US crypto exchange, from supporting the bill:
- A de facto ban on tokenized equities
- DeFi prohibitions that compromise financial privacy
- Erosion of the CFTC’s authority
- Draft amendments threatening rewards on stablecoins
Despite these concerns, Armstrong emphasized that Coinbase will continue advocating for improvements to the legislation:
“We appreciate the efforts of the Senate in working towards a bipartisan solution, but the current version of the bill is not acceptable. We would prefer no bill over a flawed one. Our goal is to ensure that crypto is regulated fairly and transparently to foster safe innovation in America.”
The Clarity Act aims to establish clear guidelines for digital assets, delineating the roles of regulatory bodies like the SEC and CFTC. The legislation seeks to promote innovation while safeguarding consumer interests through regulations on trading, disclosures, and registration.
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