Coinbase CEO Brian Armstrong said a revised markup of the U.S. Senate’s market-structure bill could take place “in a few weeks,” after the Senate postponed its session on the draft legislation following Coinbase’s withdrawal of support. The company’s decision and Armstrong’s public objections have injected fresh uncertainty into the CLARITY Act’s path through the Senate.
The Senate had scheduled a markup of the market-structure bill that was postponed on January 15, after Coinbase withdrew backing for the CLARITY Act. Coinbase framed the move as a pressure tactic designed to force changes to what it described as problematic provisions in the current draft, rather than an absolute rejection of regulation.
Armstrong tied the timing of a potential new markup to revisions lawmakers make to the bill, saying the committee could reconvene within weeks if the draft is amended. The postponement underscored fractures within the industry: some firms continue to back the bill while Coinbase signalled that key changes are required before it will re-engage.
Key objections from Coinbase
Coinbase pinpointed several provisions it said would harm consumer choice, competition and innovation. The company argued that, as written, the draft would tilt the regulatory playing field toward incumbent banks and away from crypto firms.
‘A de facto ban on tokenized equities’ was Armstrong’s succinct critique of the draft provision; he made the remark as part of his January 15, announcement withdrawing support. The company emphasized it wants regulation that preserves innovation while protecting consumers.
The CLARITY Act’s stated goals are to set clearer guardrails for digital assets and to delineate jurisdiction between the SEC and the CFTC. With the markup delayed, lawmakers face the task of reconciling competing priorities: protecting investors, limiting systemic risks, and avoiding rules that could stifle emergent tokenization markets projected to reach very large scales.
Investors, exchanges and protocol teams will watch for a revised draft and for the committee’s next scheduling moves. A markup within the few weeks Armstrong mentioned will serve as the immediate test of whether lawmakers can bridge industry concerns over tokenized assets, stablecoin incentives and the scope of regulatory oversight.
