Coinbase, one of the largest cryptocurrency exchanges operating in the United States, has publicly announced its opposition to the current draft of a comprehensive Senate crypto bill. This move complicates the legislation’s progress just days before it is scheduled for a pivotal vote in the Senate Banking Committee. The exchange stated that while it supports the ultimate goal of establishing clear regulatory guidelines for the digital asset space, the present iteration of the proposed bill contains several provisions deemed overly restrictive. Sources close to the company indicate that Coinbase takes issue with specific market structure requirements, custody mandates, and certain tax reporting regulations embedded within the draft, arguing they would disproportionately harm innovation and favor traditional financial institutions. The opposition from a major industry advocate like Coinbase signals a significant setback for the bipartisan sponsors attempting to push the regulatory framework through Congress, highlighting the deep division among industry stakeholders regarding the appropriate regulatory balance necessary for the growing digital economy.
Source: Coinbase says it won’t back Senate crypto bill ahead of banking committee vote
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