After reviewing the Senate Banking draft text over the last 48 hours, Coinbase CEO Brian Armstrong said the exchange “can’t support the bill as written,” warning that provisions on tokenized equities, DeFi, and stablecoin rewards would make the package “materially worse than the current status quo.” The Senate Banking Committee is set to mark up the Senate’s version of H.R. 3633, the Digital Asset Market Clarity Act, on Thursday morning, capping a months‑long negotiation over how crypto will be regulated in the United States for years to come. In its current form, the market structure bill would, for the first time on the Senate side, spell out legal parameters for blockchain tokens by dividing primary oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), with senators now poised to fight over stablecoin rewards, DeFi, and even presidential ethics before the text leaves committee. The markup is scheduled for Thursday morning at 10 a.m. ET and can be viewed on the committee’s website.