Brian Armstrong, CEO of Coinbase, has criticized Senate Democrats’ controversial proposal to regulate the DeFi sector, which has reportedly stalled bipartisan talks on the long-awaited crypto market structure legislation.

Coinbase CEO Slams Democrats’ Proposal

In a Friday X post, Coinbase’s CEO warned that the crypto industry “absolutely won’t accept” the Senate Democrats’ proposal on DeFi regulation as it “would set innovation back, and prevent the US from becoming the crypto capital of the world.”

For context, crypto journalist Eleanor Terret reported that Senate Democrats and Republicans were allegedly quarreling behind the scenes over a leaked proposal to regulate DeFi platforms in the upper chamber’s version of the crypto market structure bill, the Responsible Financial Innovatio

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