The top executive of the crypto exchange Coinbase scuttled a planned Senate committee vote on a major cryptocurrency bill after voicing his concerns, a sign of the company’s clout.

Armstrong told CNBC that his firm pulled support for a sweeping digital assets bill after finding provisions that could have harmed consumers and stifled competition.

On Wednesday evening, the Senate Banking Committee delayed final discussions around a bill for creating greater regulatory clarity for crypto in the United States, fittingly known as the Clarity Act. The decision came as Coinbase CEO and deep-pocketed political donor Brian Armstrong went public with his complaints about the bill.

Crypto industry leaders scrambled Thursday to salvage the market structure bill—but some conceded the bill now has lower chances of passage.

Coinbase Global and Robinhood Markets slump Thursday as fresh turmoil around a long-awaited U.S. crypto market-structure bill rattled investors.

Senators are scrambling to find a way forward on key cryptocurrency legislation after the Senate Banking Committee postponed a highly anticipated markup following the loss of a major industry

U.S. Senate Democrats are reportedly set to reopen talks with representatives from the cryptocurrency industry on Friday regarding the CLARITY Act.

In a dramatic turn that caught Washington off guard, Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong pulled his company’s support for the Senate Banking Committee’s crypto market structure bill late Wednesday evening, less than 24 hours before lawmakers were set to vote on the legislation.

ARK ETFs came under pressure in Q4 2025 as crypto markets slid, with Coinbase and Roblox emerging as top detractors amid growing digital asset exposure across ARK funds.