Intense conflicts within the cryptocurrency industry over the Cryptocurrency Asset Market Structure Bill

The virtual currency industry is currently at a critical turning point. Fundamental disagreements over the regulatory framework are dividing the industry’s major players into two camps, and the possibility of unified policy responses is rapidly diminishing. According to a report by PANews on January 18, based on coverage from The Verge, a serious rift is emerging between the industry’s largest exchange and emerging forces.

Coinbase Declares Reversal of Bill, Industry at a Crossroads

Coinbase CEO Brian Armstrong has announced his intention to withdraw support for the Crypto Asset Market Structure Act (CLARITY), which he has been advocating. Armstrong stated, “It’s better for the bill not to exist at all than to have a bad bill,” signaling a cautious stance toward regulation. This policy shift has caused a significant ripple within the industry.

Major Firms Push Back, Emphasizing the Importance of Policy Cooperation

However, other influential players in the industry are taking a firm stance against this decision. Kraken CEO Jesse Powell argued that the industry should not abandon the bipartisan cooperation framework built over many years and is calling for negotiations to resolve current issues.

Chris Dixon, Managing Partner at Andreessen Horowitz, Brad Garlinghouse, CEO of Ripple, and David Sacks, Special Advisor to the White House on AI and Cryptocurrency, have all expressed similar positions. These leading figures are urging all stakeholders to resolve differences of opinion by the end of the month and strongly desire the continuation of policy cooperation. Meanwhile, Ledger’s Global Policy Director Seth Hartline has expressed concern that it is hard to imagine a continued favorable policy environment as it is now.

The Negative Impact of Bill Failure and the Crisis of Regime Change

Many industry stakeholders believe that if this bill is not passed now, it will become extremely difficult to pass in the future or will be pushed forward under highly unfavorable conditions for the industry. Concerns about regulatory shifts with each change of government are also strong, and the cryptocurrency industry is seeking policy consistency and stability.

This situation poses a significant challenge to the development of the cryptocurrency market and marks an important phase where the industry’s ability to adapt will be tested.