Coinbase CEO Brian Armstrong said the exchange cannot support the Senate Banking Committee’s latest draft of the CLARITY Act, warning that the bill, as written, would leave the U.S. crypto industry worse off than the current regulatory status quo.

In a post on X, Armstrong cited several concerns, including what he described as a de facto ban on tokenized equities, new restrictions on decentralized finance that could grant the government broad access to users’ financial data, and provisions that weaken the Commodity Futures Trading Commission while expanding the Securities and Exchange Commission’s authority.

“After reviewing the Senate Banking draft text over the last…

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