Coinbase withdraws its support for the cryptocurrency market structure bill.

PANews reported on January 15th, citing Bloomberg, that Coinbase CEO Brian Armstrong announced the company has withdrawn its support for the current version of the crypto market structure bill, which is about to be considered by the Senate Banking Committee. Armstrong stated that the draft bill has "too many problems," including essentially banning tokenized stocks and restricting DeFi, adding that he would "rather have no bill than a bad one." Armstrong pointed out that the current version of the bill is "substantially worse than the status quo," with specific problems including eroding the authority of the Commodity Futures Trading Commission (CFTC) and potentially prohibiting exchanges from offering stablecoin rewards. Coinbase had previously been one of the main industry forces pushing for the bill, and this shift in stance could delay or even hinder the legislative process.