Coinbase Withdraws Support for Senate Crypto Bill, Accuses Banks of Lobbying
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 7h ago- Withdrawal of Legislative Support: Coinbase CEO Brian Armstrong accuses major U.S. banks of lobbying to undermine President Trump's crypto agenda, leading the company to withdraw support for a Senate Banking Committee draft bill, which may impact the legislative process for crypto regulations.
- Impact of Banking Lobbying: Armstrong claims banks are attempting to protect their profit margins through lobbying efforts that include provisions to ban tokenized securities and weaken the CFTC, potentially leading to restrictions on stablecoin yields that could affect market dynamics.
- Tension in Market Response: Coinbase's decision highlights the tension between the crypto industry and traditional financial institutions, leaving market participants uneasy about the evolving regulatory landscape, which may influence clarity for Bitcoin and Ethereum regulations.
- Changing Regulatory Environment: This incident contrasts with historical actions like the GENIUS Act, indicating a shift in regulatory approaches towards stablecoin yields, with industry stakeholders remaining vigilant as the Senate Banking Committee draft awaits further review.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
