Coinbase pulls support from crypto market structure bill

Coinbase CEO Brian Armstrong said the exchange was withdrawing support from the crypto market structure bill on Wednesday.

Armstrong said in a tweet that there were "too many issues" with the bill released on Monday night. The Senate Banking Committee is scheduled to hold a hearing on the bill and vote to advance it on Thursday morning.

Armstrong's issues include "a defacto ban on tokenized equities," proposed regulations on decentralized finance, how it approaches the CFTC and proposed amendments on the bill.

"We appreciate all the hard work by members of the Senate to reach a bi-partisan outcome, but this version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully, we can all get to a better draft," he said.

Lawmakers have proposed over 75 amendments to the bill, though typically many would be defeated or withdrawn before they're added to the actual legislation.