Crypto Bill Markup Delayed Following Coinbase CEO’s Opposition

Senate Banking Committee Chair Tim Scott (R-S.C.) delayed the committee vote on the Digital Asset Market Clarity Act that addresses cryptocurrency, which was originally scheduled for today at 10 a.m. ET. This decision followed a tweet by Brian Armstrong, CEO of Coinbase, the largest U.S.-based crypto exchange, withdrawing his support for the bill. In a letter to senators, Public Citizen opposes the bill. Bartlett Naylor, economist for Public Citizen, released the following statement:

“This bill deserves far more consideration so that any final law will block scams, prevent illicit finance, and expel Trump from his massive crypto grift. It is chilling that, at least on the surface, Chair Scott’s decision follows the direction of a single industry player whose company plowed tens of millions of dollars into political spending, documented in numerous Public Citizen reports, and isn’t getting 100% of what the crypto bros want.”