A key U.S. Senate committee has delayed debate on the proposed “Clarity Act,” a landmark crypto regulation bill, after Coinbase CEO Brian Armstrong publicly opposed it. The bill aims to define whether crypto assets fall under securities, commodities, or other categories, and to clarify the SEC’s authority over the industry.

Armstrong said the bill contains major flaws, including provisions that could weaken the Commodity Futures Trading Commission’s role and restrict crypto firms from offering rewards on stablecoin holdings. He warned these rules could harm innovation and competitiveness, stating that “no bill is better than a bad bill.”

His comments intensified existing disagreements among lawmakers, particularly over stablecoin regulations and banking sector concerns about deposit outflows. As a result, Senate leaders postponed the vote, fearing insufficient support to advance the legislation.

While the crypto industry still supports clearer regulation, the delay highlights deep divisions over how digital assets and stablecoins should be governed in the U.S.

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