Coinbase has withdrawn its support for the crypto market structure bill, the CLARITY Act, forcing the Senate Banking Committee to postpone the planned markup. In a statement, Coinbase CEO Brian Armstrong said the draft, which was scheduled for markup, had “too many issues” and was “bad” for the sector.

The top executive of the crypto exchange Coinbase scuttled a planned Senate committee vote on a major cryptocurrency bill after voicing his concerns, a sign of the company’s clout.

Coinbase may drop support for the CLARITY Act if it limits its lucrative stablecoin reward programs. Coinbase, one of the largest U.S.-based crypto exchanges, may withdraw its support for the CLARITY Act if the bill imposes restrictions on stablecoin reward programs, according to a Bloomberg report.

Coinbase withdraws support for the CLARITY Act after Senate changes reshape crypto, DeFi, and stablecoin rules.

Coinbase is threatening to withdraw support for the CLARITY Act, a key U.S. crypto market structure bill, if lawmakers impose restrictions on stablecoin issuers

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