Coinbase CEO Armstrong: Coinbase unable to support current form of cryptocurrency legislation.

Coinbase CEO and co-founder Brian Armstrong said on Wednesday that the company cannot support the legislation proposed earlier this week by US senators aimed at establishing a regulatory framework for cryptocurrencies. The legislation was unveiled on Monday, with the goal of defining when crypto tokens are classified as securities, commodities, or other assets, and handing oversight of the cryptocurrency spot market to the Commodity Futures Trading Commission. Without Coinbase's support, it is unclear if the discussions on this bill can proceed. The company has donated millions of dollars to political action committees aimed at electing candidates who support cryptocurrencies in 2024 and has been a key stakeholder in negotiations on the legislation. Armstrong stated that the bill has "too many problems," including effectively banning tokenized stocks, weakening the powers of the CFTC, and introducing amendments that would "kill stablecoin innovation."