Coinbase (COIN) CEO: "US Market Structure Bill Failure, Other Countries to Lead Financial Future"

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Coinbase (COIN) CEO warned that the rejection of the US cryptocurrency market structure bill is a choice to hand over leadership in financial innovation to other countries.

According to Benzinga on September 15 (local time), Coinbase CEO Brian Armstrong publicly urged the passage of the bill ahead of the Senate vote. Armstrong argued that a "yes" vote would foster innovation and protect consumers. He emphasized that it could also strengthen ethical regulations for elected officials and establish new law enforcement tools.

Armstrong argued that a "no" vote would pave the way for other countries to build the future of finance. He added, "History and crypto voters will not forget." Coinbase Chief Policy Officer Faryar Shirzad stated that the final bill reflected all seven key requirements of the market structure bill proposed by Democratic senators a year ago. He explained that 126 substantive amendments requested by Democrats were also added.

However, disagreements within Congress were not narrowed. US Senator Cynthia Lummis criticized the Democratic counter-proposal as being virtually the same as their position at the start of the recess. US Senator Elizabeth Warren stated that the Republican bill was not the result of negotiations with Democrats and that the proposed changes were difficult to accept.

TD Cowen policy analyst Jaret Seiberg put the probability of the first vote to end debate failing at 60%. Beacon Policy Advisors also assessed that the path to passing the bill was narrow without significant last-minute changes. Benzinga reported that the votes of Republican lawmakers opposed to stablecoin yield payment issues and some pro-crypto Democratic lawmakers were variables.

White House crypto advisor Patrick Witt stated that regardless of the bill's vote outcome, the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) are preparing regulatory proposals. He said, "There will still be good news for the industry." Former SEC Commissioner Paul Atkins had previously stated that congressional legislation is needed to permanently establish regulatory agency rules.

[Article Key Summary]

-Brian Armstrong argued that the rejection of the US cryptocurrency market structure bill could hand over leadership in financial innovation to other countries.

-Coinbase stated that the final bill reflected the 7 key requirements and 126 amendments requested by Democrats.

-Amid ongoing disagreements within the Senate, the SEC and CFTC are preparing cryptocurrency regulatory proposals, regardless of the vote outcome.

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