Coinbase Withdraws Support from FIT21 Crypto Bill, Citing Regulatory Concerns

Cryptocurrency exchange giant Coinbase has officially retracted its support for the Financial Innovation and Technology for the 21st Century Act (FIT21), a major piece of crypto market structure legislation. The company expressed concerns that recent amendments to the bill could potentially undermine consumer protections and create regulatory gaps. This move marks a significant shift in stance from one of the industry's most influential players as the bill progresses through the legislative process. The decision highlights ongoing tensions between the crypto industry and regulators over the optimal framework for digital asset oversight in the United States.