Tokenisation companies have rejected claims by Coinbase that a stalled crypto market structure bill would effectively ban tokenised equities.
Coinbase withdrew support for the legislation, with CEO Brian Armstrong calling it a “de facto ban” on tokenised equity offerings.
The Senate Banking Committee subsequently cancelled a scheduled markup session, leaving the bill’s timeline uncertain.
Carlos Domingo said the draft “does not kill tokenised equities” and instead clarifies that they remain securities subject to existing rules, Carlos Domingo said.
“Market structure legislation of this significance takes time to get right, and what we’re seeing now is a bill that is actively taking shape,”
Carlos Domingo said.
Gabe Otte said his firm does not interpret the CLARITY draft as a ban and views it as reaffirming investor protection standards, Gabe Otte said.
Superstate’s general counsel said the bill mainly addresses regulatory gaps for assets that are not clearly securities.
“The SEC is already on the case and will continue to provide that clarity even absent further legislative directives,”
Alexander Zozos said.