Senate crypto legislation faces increased uncertainty: Coinbase suddenly withdraws support, hearing canceled

【Blockchain Movement】The Senate Banking Committee’s comprehensive cryptocurrency legislation revision and voting hearing scheduled for January 15th in the United States was suddenly canceled. This change came unexpectedly—Coinbase announced its withdrawal of support for the bill, and the situation instantly became more complicated.

The bill was originally moving quite quickly. The text was released on Monday night, with the deadline for amendments set for Tuesday midnight, and a vote originally scheduled for Thursday. The goal was to clarify which agency—either the Commodity Futures Trading Commission or the Securities and Exchange Commission—would oversee what, define when digital assets are considered securities or commodities, and establish new disclosure standards. It sounded like a fairly comprehensive framework.

However, support began to weaken starting Wednesday. Key negotiator and Democratic Senator Ruben Gallego said he had a scheduled meeting with Patrick Witt, Executive Director of the President’s Digital Asset Advisory Committee, but he didn’t show up. He publicly stated that he could no longer support the bill.

Following that, Coinbase CEO Brian Armstrong spoke out on social media, publicly announcing their withdrawal. The reason was concerns over several provisions in the bill related to stablecoin yields, tokenized equity, and DeFi. While some other crypto companies and industry organizations still voiced support, saying they wanted to push the bill to become law in 2026, the momentum had already been broken.

There is no news yet on when the hearing will be rescheduled. This originally highly anticipated comprehensive crypto legislation has suddenly fallen into uncertainty.