US Lawmakers Delay Crypto Bill Amid Coinbase CEO Brian Armstrong’s Concerns

A U.S. Senate committee postponed a scheduled debate on a bill to create a regulatory framework for cryptocurrencies after Coinbase Chief Executive Officer (CEO) Brian Armstrong said the company would not support the measure. The Senate Banking Committee had planned to consider amendments to the bill, known as the Clarity Act, on Thursday but canceled the markup late Wednesday.

The bill would define when crypto tokens are securities or commodities and clarify the role of the U.S. Securities and Exchange Commission. It follows years of lobbying by crypto companies seeking regulatory clarity. Armstrong said the proposal had issues, including provisions he said would weaken the authority of the Commodity Futures Trading Commission and restrict rewards linked to stablecoins. Disagreements among Republicans over stablecoin rules and concerns about Democratic support also contributed to the delay, according to people familiar with the talks.

Senate Banking Committee Chairman Tim Scott said lawmakers and industry participants remain engaged in discussions. The House passed its version of the bill in July.