Coinbase CEO Brian Armstrong’s abrupt decision to pull his support for the draft of a landmark crypto bill has jolted Washington, D.C. After working in political lockstep for more than a year, the crypto industry is now facing a rupture as key leaders—including the influential venture capital firm Andreessen Horowitz (a16z)—express support for the same bill after the Senate Banking Committee delayed a key vote last week.
Meanwhile, another Senate body, the Agriculture Committee, is preparing to release its own draft text on Wednesday, raising the possibility that the emerging schism could grow wider as the bill moves forward. If this happens, the industry risks alienating the coalition of lawmakers and White House figures who have lent it critical political support, and potentially seeing the legislation it has long sought slip out of reach.
