Coinbase VP: 'Fatal Flaws' in Senate Crypto Bill Prompted Last-Minute Opposition
Kara Calvert, Coinbase’s vice president of U.S. policy, told reporters that issues she described as “fatal flaws” surfaced just hours before a planned Senate markup and ultimately pushed the exchange to oppose the legislation. The decision was abrupt: Coinbase had previously signaled engagement with the bill but stepped back after the late-stage concerns, underscoring a gap between industry expectations and the measure’s final language.
The move matters because industry backing has been a key lever for lawmakers seeking bipartisan momentum on crypto rules. Coinbase’s withdrawal increases the likelihood of more debate, amendments, or delays as senators reassess the bill’s text. For market participants and other firms, the episode highlights lingering uncertainty about U.S. regulatory clarity and suggests the path to durable federal crypto legislation remains unsettled.