Coinbase Pulls Support Of CLARITY Act, Citing Restrictions
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Coinbase has withdrawn its support for the Clarity Act, citing flaws in the proposed legislation that could restrict stablecoin rewards. The decision came just before a scheduled Senate Banking Committee markup, which has now been postponed. CEO Brian Armstrong emphasized the need for more revisions to adequately represent the crypto industry.
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- Coinbase has pulled support for the Clarity Act highlighting restriction over stablecoin rewards.
- The crypto exchange has pointed to rising pressure from the banking industry to influence the Clarity Act.
- The Senate Banking Committee has postponed the scheduled markup to consider this feedback.
Coinbase Global Inc. (NASDAQ: COIN) has withdrawn its support for the Clarity Act. The top-tier cryptocurrency exchange, with significant political influence, pulled its support for the crypto market structure legislation less than 24 hours before the scheduled markup hearing, thus resulting in its delay.
Coinbase Points Flaws on Clarity Act
According to Coinbase CEO Brian Armstrong, the current crypto market structure draft bill has too many issues. As such, Armstrong stated that more revisions are needed on the draft to ensure good faith for the crypto industry.
“W…
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