Coinbase has escalated its lobbying as a U.S. crypto market-structure bill moves toward a Senate markup, warning that it could withdraw support depending on changes to the draft, according to Bloomberg.
The company has cautioned lawmakers that it may reconsider backing the legislation if provisions extend beyond disclosure requirements and introduce limits affecting how stablecoins are used or rewarded on platforms.
Legislative process advances
The bill is moving toward consideration in a Senate committee markup, a stage of the legislative process in which lawmakers debate, amend, and vote on whether to advance proposed legislation.
Coinbase has publicly supported efforts to establish federal rules for crypto markets but has argued that certain proposals could constrain innovation or place U.S.-based firms at a competitive disadvantage.
Stablecoin provisions in focus
Coinbase’s objections center on language that could restrict incentives tied to stablecoin usage. The company has said it supports transparency and consumer protection measures but opposes provisions it views as going beyond disclosure into operational limits.
The dispute underscores ongoing tensions between policymakers seeking to regulate stablecoins and industry participants advocating for frameworks that preserve existing business models.
Regulatory context
U.S. lawmakers have been working on multiple bills addressing digital assets, including proposals related to stablecoin issuance, custody, and market structure. Whether the legislation advances will depend on the outcome of the Senate committee markup process.
