The US crypto industry's pursuit of regulatory legitimacy faced a setback as Sen. Tim Scott postponed a vote on the Digital Asset Market Clarity Act. This action effectively paused efforts to establish comprehensive regulations for the digital asset market. The delay occurred after Coinbase, the largest US crypto exchange, publicly rejected the bill, with CEO Brian Armstrong citing concerns over a "de facto ban" on tokenized equities and provisions affecting stablecoin rewards. The bill aimed to harmonize SEC and CFTC oversight, but Armstrong's critique suggests the draft language may have re-empowered the SEC more than anticipated. Some argue Coinbase's opposition stems from concerns about competition from firms like Securitize, which has tokenized over $4 billion in real-world assets.

The US crypto industry's pursuit of regulatory legitimacy faced a setback as Sen. Tim Scott postponed a vote on the Digital Asset Market Clarity Act. This action effectively paused efforts to establish comprehensive regulations for the digital asset market. The delay occurred after Coinbase, the largest US crypto exchange, publicly rejected the bill, with CEO Brian Armstrong citing concerns over a "de facto ban" on tokenized equities and provisions affecting stablecoin rewards. The bill aimed to harmonize SEC and CFTC oversight, but Armstrong's critique suggests the draft language may have re-empowered the SEC more than anticipated. Some argue Coinbase's opposition stems from concerns about competition from firms like Securitize, which has tokenized over $4 billion in real-world assets.