🇺🇸 BREAKING: Coinbase CEO Rejects Senate Crypto Bill

Brian Armstrong has withdrawn support for the CLARITY Act, calling it "materially worse than the status quo."

Key Concerns:

→ Stablecoin rewards ban: "allowing banks to kill their competition"

→ De facto ban on tokenized equities

→ DeFi restrictions & expanded government surveillance

→ SEC gaining power over CFTC

Market Impact:

🔴 $COIN: −7%

🔴 $HOOD: −8%

Senate Banking Committee has postponed the markup vote. White House Crypto Czar David Sacks urges the industry to "resolve remaining differences" during this pause.

Industry Divided:

Ripple CEO Garlinghouse calls bill "a massive step forward"

Tim Draper backs Armstrong: "Banks have been meddling"

Why It Matters:

This bill would define how crypto operates in the U.S. for years. No clear rules = continued uncertainty for exchanges, DeFi protocols, and stablecoin issuers.

Negotiations continue. Stay tuned.