Coinbase Pulls Support as Crypto Bill Approaches Senate Vote
Coinbase Withdraws Support for Crypto Bill on Eve of Key Senate Vote
Coinbase has publicly withdrawn its support for the Senate’s crypto market structure legislation known as the Clarity Act, doing so just days before a key vote on the bill.
In a post on X, Coinbase CEO Brian Armstrong said the company “can’t support the bill as written,” describing the legislation as “worse than the status quo.”
The reversal came abruptly. According to the description provided, Coinbase pulled its backing hours before a key Senate Banking Committee vote, signaling a significant shift from a major U.S. crypto company at a critical moment in the bill’s path through Congress.
The move matters because market structure legislation is designed to set clearer rules for how crypto assets and related businesses are regulated in the U.S. With Coinbase taking a public stance against the Clarity Act at the last minute, the company is effectively challenging whether the bill, in its current form, would improve regulatory conditions compared with the existing environment.
The descriptions also note that Coinbase has been fighting around the issue, underscoring that the company’s position is not merely symbolic: it reflects ongoing friction over how crypto regulation should be structured and enforced, and which regulatory approach would best serve the industry and the broader market.
