Coinbase’s Brian Armstrong helped stall a Senate crypto bill this week. But the industry’s objections go well beyond his fight over stablecoin rewards — and include everything from tokenized stocks and oversight to privacy. A laundry list of other provisions made the bill unstomachable to a cross-section of digital asset proponents, despite the fact that proposed limits on the ability of Coinbase and other firms to offer yield or rewards on customers’ stablecoin holdings generated the loudest outcry on Wednesday. A comprehensive bill tackling a wider swath of issues would be beneficial to consumers while placating regulators, crypto industry observers said. “I was hopeful that something could move forward, on an expedited basis, but it was certainly a really tight timeline of a very comprehensive bill with a lot of different interests at play,” said Karen Ubell, the co-chair of Goodwin’s Digital Currency and Blockchain practice.
Read the Bloomberg article for more.