New York, Jan 15, 2026, 10:44 (EST) — Regular session
- Coinbase shares dropped roughly 4% following the Senate Banking Committee’s decision to postpone the crypto market-structure markup
- CEO Brian Armstrong says Coinbase can’t support the draft, pointing to concerns over tokenized equities and stablecoin rewards
- Attention now turns to revisions in the Senate and a separate markup by the Senate Agriculture Committee scheduled for Jan. 27
Shares of Coinbase Global, Inc. dropped roughly 4% Thursday after the U.S. Senate Banking Committee delayed moving forward on a broad crypto market-structure bill. The hold came amid renewed pushback from CEO Brian Armstrong. Coinbase stock slipped to around $245.58 in morning trading. Robinhood also declined, down about 2.9%, while Strategy fell approximately 4.6%. Bitcoin hovered near $95,791. 1
The bill serves as a key trigger for U.S.-listed crypto companies, clarifying exactly when tokens are classified as securities versus commodities. That distinction determines which regulator governs spot trading, custody, and the variety of products exchanges can offer their clients.
This is crucial at the moment since the draft is advancing through committees amid renewed efforts in Washington to establish rules following years of lawsuits and fragmented guidance. Any delay buys time, and time brings risk: the text might shift, lobbying efforts could intensify, and the market begins to factor in a “no deal” outcome once more.
Senate Banking Committee Chairman Tim Scott announced the panel will delay the markup while bipartisan discussions carry on, noting that “everyone remains at the table working in good faith.” 2
Armstrong distanced himself from the draft in a post on X, stating that Coinbase “can’t support” the bill as it stands. He highlighted what he described as an effective ban on tokenized equities — stock-like claims issued on a blockchain — and flagged language that would undermine the Commodity Futures Trading Commission’s authority.
He slammed draft amendments aimed at “killing rewards on stablecoins,” a nod to the incentives linked to dollar-pegged tokens that have stirred controversy across crypto platforms. “We’d rather have no bill than a bad bill,” Armstrong said, while expressing hope lawmakers might still find a better path forward.
The draft revealed this week proposes giving the CFTC authority over spot crypto markets and limiting interest payments solely to stablecoin holdings, though rewards for uses like payments or loyalty programs would remain permitted. Industry groups argue the stablecoin restrictions are a bank-backed effort to curb competition. 3
A markup is a committee meeting where lawmakers go through a bill line-by-line, voting on amendments and deciding if it should move forward. If it gets delayed, any clear schedule for votes in the rest of Congress falls apart too.
But the delay works both ways for Coinbase. A harsher bill might still pass, and stablecoin rewards or the planned tokenized stock products could come under stricter scrutiny. If the effort falls apart, the company remains vulnerable to changing enforcement and court-led regulation.
All eyes are now on the Senate Agriculture Committee. Chairman John Boozman announced the committee plans to release legislative text by Jan. 21 and schedule a markup session for Jan. 27 at 3 p.m. ET. That sets a firm deadline for at least one part of the Senate’s agenda. 4
