Armstrong revealed that after reviewing the Senate Banking draft text over the past 48 hrs, Coinbase sadly can’t be in support of the bill as written.
The draft in effect would prohibit paying interest only for holding a stablecoin, and it would still permit rewards associated with activities like payments.
Washington’s efforts to have clearer rules for crypto failed as the Senate Banking Committee postponed its said markup of a sweeping market structure, followed by the Coinbase withdrawal for the latest draft.
On January 14, the Chairman, Tim Scott, revealed that the committee would postpone the markup, as bipartisan negotiations have not concluded yet. However, he didn’t give another date for this.
The postponement is followed by the public withdrawal of support by Brian Armstrong for the draft bill, which focuses on clarifying how crypto tokens are classified and positions spot market oversight with the CFTC.
Armstrong revealed that after reviewing the
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