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>>Tokenization Clash Pits Coinbase Against Wall Street, Undermining Crypto Legislation

Tokenization Clash Pits Coinbase Against Wall Street, Undermining Crypto Legislation

crypthub

about 5 hours ago

Tokenization Dispute

The Senate Banking Committee’s crypto bill affirms SEC authority over blockchain securities. Coinbase CEO Brian Armstrong calls it a de‑facto ban on tokenized equities, while traditional firms demand identical regulation. Democrats added the language, highlighting a split on how fast markets should move on‑chain.

Wall Street’s Call for Parity

SIFMA’s Ken Bentsen says any brokerage must be regulated, rejecting special treatment for tokenized assets. Coinbase policy chief Faryar Shirzad warns the clause will force lengthy rulemaking and curb the SEC chair’s agenda. The SEC and Marlon Paz say the rule simply clarifies tokenized stocks remain subject to existing securities laws.

White House Intervention and Gridlock

The White House held a Feb 2 meeting of Coinbase, banks and crypto lobbyists to resolve stable‑coin reward disputes stalling the bill. Senator Roger Marshall withdrew a credit‑card fee amendment, easing Republican concerns. With a looming shutdown and a $1.3 trillion spend block, crypto council director Patrick Witt urges fast passage to avoid a punitive framework.