TechFlow reports, January 15: Coinbase CEO Brian Armstrong announced the withdrawal of support for the U.S. Senate's crypto market structure bill, calling it "far worse than the status quo," and highlighting serious issues such as a de facto ban on tokenized securities and restrictions on DeFi. Meanwhile, several leading crypto industry firms and trade associations—including a16z, Circle, Kraken, Digital Chamber, Ripple, and Coin Center—have voiced their support for the bill.
Armstrong emphasized he would rather have "no bill than a bad bill," particularly opposing provisions granting the government unchecked access to user financial data. The bill is set for a vote in the Senate Banking Committee.
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