Morning Minute: Coinbase Withdraws Support of Clarity Act, Markup Delayed - Decrypt
Summary
Coinbase publicly withdrew its support for the Senate's Clarity Act draft, with CEO Brian Armstrong saying the bill as written would leave the industry worse off. Armstrong highlighted core objections including limits on tokenized equities, DeFi provisions that threaten user privacy, erosion of the CFTC's authority in favor of the SEC, and draft changes that would eliminate stablecoin rewards. The Senate Banking Committee delayed the markup after Coinbase's announcement, and the move signals growing industry unwillingness to accept a compromised bill. Coinbase says it will continue to engage with lawmakers and remains optimistic about reaching a better outcome.
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