Coinbase's opposition to the Senate crypto bill could impact the legislative process.

Coinbase has announced it will not support the current version of the Senate cryptocurrency bill. CEO Brian Armstrong posted on social media platform X that the bill is "worse than it is in its current form," and that he would rather "have no bill than a bad one." The Senate is scheduled to amend and vote on the bill on Thursday morning. Key provisions of the bill include clarifying the regulatory boundaries between the CFTC and SEC, defining when digital assets qualify as securities or commodities, and introducing new disclosure requirements. Armstrong pointed out significant problems with DeFi and stablecoin yields, warning that some provisions could grant the government "unrestricted access to personal financial records," harming user privacy and potentially "killing stablecoin reward mechanisms." Sources say Coinbase's public opposition has "significant implications" and could determine the bill's ultimate fate.