Svmuu News Coinbase has stated that it will not support the current version of the Senate’s cryptocurrency bill. The company’s CEO, Brian Armstrong, posted on the social media platform X that the bill “is worse than the status quo in its current form” and that he would rather have “no bill at all than a bad one.”The Senate plans to hold amendments and a vote on the bill on Thursday morning. Key provisions of the bill include clarifying the regulatory boundaries between the CFTC and the SEC, defining when digital assets qualify as securities or commodities, and introducing new disclosure requirements.Armstrong pointed out that the bill has significant issues regarding DeFi and stablecoin yields, warning that certain provisions could grant the government “unrestricted access to individuals’ financial records,” compromising user privacy and potentially “stifling stablecoin incentive mechanisms.” Sources familiar with the matter said that Coinbase’s public opposition has “significant implications” and could sway the bill’s ultimate fate.