Why Coinbase CEO Brian Armstrong Pulled Support for Digital Assets Bill
Coinbase CEO Brian Armstrong tells CNBC why the firm withdrew support for a key digital assets bill, citing consumer harm and competition risks.
The crypto regulatory landscape just hit a massive roadblock. Coinbase, the leading US exchange, has officially walked away from a sweeping bill it once seemed to favor.
Coinbase Digital Assets Bill Support Withdrawal Explained
According to CNBC, CEO Brian Armstrong revealed that the firm pulled its support for a major digital assets bill. Armstrong explained that they found specific provisions within the draft that could harm consumers and stifle healthy competition in the market.
Stifled Competition and Consumer Risks
While the bill was intended to provide a clear legal framework for cryptocurrencies, Armstrong argues it does the opposite. He told CNBC that the legislation's current form might protect incumbents rather than fostering the innovation that crypto was built for.
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