White House accuses Democrats of ‘bad faith’ over delayed crypto bill vote
The White House accused Senate Banking Democrats of acting in "bad faith" regarding the delayed crypto market structure bill, claiming they were prepared to unanimously oppose the bipartisan legislation despite numerous concessions. The bill's postponement has sparked mixed reactions within the industry. Coinbase CEO Brian Armstrong withdrew support, calling the draft flawed and preferring "no bill over a bad bill," while others, like Variant Fund's Jake Chervinsky, suggested removing contentious issues like tokenized securities to improve its chances. However, a16z's Miles Jennings disagreed, arguing the bill doesn’t prevent tokenized securities. Reports indicate industry leaders are split, with Ripple and a16z not sharing Armstrong's strong opposition. Regulatory clarity on asset classification and oversight between the SEC and CFTC remains pending as the timeline for the next markup is unclear.
ambcrypto01/16 14:02
