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Brian Armstrong, CEO of crypto exchange Coinbase, has abruptly retracted his company's support for the Digital Asset Market Clarity Act less than 48 hours after its publication, claiming the draft to be untenable as written for a number of reasons.
What's the Scoop?
- Numerous Objections: According to Brian Armstrong, the Senate's proposed crypto market structure legislation is unsupportable in its current form for a number of reasons. Among objections cited are: a de facto ban on tokenized equities, prospective increases in government/regulatory oversight, increased powers for the SEC, and anti-stablecoin reward provisions.
- Prior Support: Just yesterday,
Coinbase came out in support of Clarity despite numerous incompatibilities with perceived crypto industry desires, claiming in a now-deleted post that a stablecoin yield prohibition was tolerable to avoid derailing momentum for crypto clarity.
After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written.
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There are too many issues, including:
- A defacto ban on tokenized equities
- DeFi prohibitions, giving the government unlimited access to your financial…Brian Armstrong (@brian_armstrong) January 14, 2026
