Armstrong Pulls Support for Crypto Market-Structure Bill (1)

Coinbase Global Inc. has pulled its support for the current version of the market-structure bill due for markup in the Senate Banking Committee on Thursday.

“There are too many issues,” Coinbase’s Chief Executive Officer Brian Armstrong wrote in a post on X Wednesday, adding that “this version would be materially worse than the current status quo. We’d rather have no bill than a bad bill.”

Coinbase has been at the forefront of the crypto industry’s push for a market-structure bill — one that supporters say would improve the legitimacy of the asset class, while protecting it from a future anti-crypto ...