Coinbase CEO Brian Armstrong Withdraws Support for Senate Crypto Bill, Causing Major Legislative Setback
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 15 2026
0mins
Should l Buy COIN?
Source: Benzinga
- Legislative Withdrawal Impact: Coinbase CEO Brian Armstrong's withdrawal of support for the Senate crypto market structure bill just before the vote led to an indefinite postponement of the markup, significantly undermining hopes for establishing regulatory clarity for digital assets in the U.S.
- Stablecoin Rewards Controversy: The bill's provision prohibiting crypto platforms from paying yields on idle stablecoin balances emerged from Wall Street banks' lobbying, posing an existential threat to Coinbase's 'Everything Exchange' strategy, with Armstrong labeling it a guise for 'consumer protection'.
- Regulatory Authority Shift: The bill's transfer of oversight from the Commodity Futures Trading Commission to the Securities and Exchange Commission raises concerns about increased regulatory pressure on the crypto industry, particularly given the SEC's historically aggressive enforcement approach, leaving the industry anxious about its future.
- Industry Split Reaction: Despite Armstrong's withdrawal causing fractures within the industry, other major players like Ripple and Kraken continue to support the bill, indicating differing perspectives on legislation that could affect future collaboration and negotiations.
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Analyst Views on COIN
Wall Street analysts forecast COIN stock price to rise
25 Analyst Rating
17 Buy
7 Hold
1 Sell
Moderate Buy
Current: 175.180
Low
230.00
Averages
361.63
High
440.00
Current: 175.180
Low
230.00
Averages
361.63
High
440.00
About COIN
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers their primary financial account for the onchain economy; institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build onchain. The Company offers products and services to various customer groups: consumers, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime trading, markets, base protocol and Coinbase wallet. The Company also provides market infrastructure in the form of exchanges for customers to trade spots and derivatives.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Product Expansion Plans: Following the license acquisition, the company plans to offer crypto and equity perpetuals to Australian users, with futures and options to follow, aiming to compete with traditional financial services through the Coinbase app.
- Market Operation History: Coinbase has been operating in Australia since 2016, establishing a local entity in 2022 and launching a dedicated platform with PayID support, retail advanced trading, and 24/7 customer support, further solidifying its market presence.
- Compliance Standards Enhancement: With the AFSL, Coinbase Australia will adhere to the same standards of conduct, disclosure, governance, and consumer protections as traditional financial service providers, enhancing user trust and improving market compliance.
See More
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- Coinbase Strategic Shift: Coinbase is undergoing a comprehensive strategic overhaul to become an 'everything exchange,' expanding beyond cryptocurrencies to include stock trading and AI-related services, with a market cap of $46 billion, demonstrating its commitment to diversification.
- Strategy's Bitcoin Advantage: Strategy is the world's largest corporate holder of Bitcoin, with its Bitcoin assets nearing $50 billion; although its stock has dropped 57% due to Bitcoin's decline, its long-term holding strategy remains appealing.
- Need for Long-Term Investment: Cryptocurrencies typically follow a four-year boom-bust cycle, requiring investors to be prepared for long-term holding; while short-term declines may occur, future market rebounds could yield substantial returns.
See More
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- Fed Policy Expectations: Although the market discounts only a 1% chance of a 25 bp rate hike at the upcoming April 28-29 FOMC meeting, the minutes from the March FOMC indicated heightened concerns among participants regarding upside risks to inflation and downside risks to employment, suggesting a more cautious approach to future monetary policy.
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See More
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- US Treasury Yields Decline: The 10-year US Treasury yield fell to 4.228%, a 3-week low, as concerns over inflation eased, indicating increased demand for safe-haven assets, while also supporting the upcoming $39 billion auction of 10-year notes.
- Strong Performance in Tech Stocks: Amid the positive market sentiment, technology stocks performed strongly, with Amazon, Meta, and Alphabet all rising over 3%, showcasing sustained investor confidence in the tech sector, which may drive future investment inflows.
See More
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Recent Betting Activity: Four newly created wallets on the Polymarket platform made over $600,000 by betting on a U.S.-Iran ceasefire shortly before it was publicly announced, with no prior transaction history recorded for these accounts.
Proposed Regulations: Lawmakers are proposing new rules to restrict prediction market activities related to political or military events, following significant profits made by traders on Polymarket ahead of the ceasefire announcement.
Historical Context: This incident is not isolated; similar suspicious activities have been noted in the past, including six wallets identified in March that collectively made about $1.2 million on contracts tied to U.S. actions against Iran.
Legislative Measures: A proposed bill aims to prohibit federal officials and staff from trading on prediction markets, particularly concerning government policy or political outcomes, in response to concerns over potential conflicts of interest.
See More
