COINBASE WITHDRAWS SUPPORT FOR SENATE CRYPTO LEGISLATION

Summary from the TLDR Crypto newsletter

Coinbase said it cannot support the Senate market-structure bill after the release of a more than 270-page text that raised unresolved issues around tokenized equities, DeFi treatment, provisions that would “kill rewards on stablecoins,” and the role of the SEC. Timing pressures, 70+ filed amendments, new illicit-finance language, and uncertainty that concerns would be addressed led Coinbase to withdraw backing, and the Senate Banking Committee postponed the scheduled markup while negotiators work to fix the problems.