Coinbase CEO Brian Armstrong announced on Wednesday that the exchange is withdrawing support from the U.S. Senate Banking Committee's crypto market structure bill, released Monday, citing "too many issues" including a de facto ban on tokenized equities, regulations on decentralized finance (DeFi), CFTC approaches, and proposed amendments. The committee was set to debate and vote on Thursday, but Chairman Tim Scott later canceled the markup amid unfinished business, with stakeholders continuing negotiations. Armstrong prefers no bill over a bad one but remains optimistic about a better draft through ongoing talks. Over 75 amendments were proposed, addressing contentious issues like stablecoin yield rewards, AML/KYC for DeFi, registration pathways, and SEC disclosures. Democrats raised ethics concerns over President Donald Trump and family profiting from crypto.

The Digital Chamber supports revisions, while Ripple CEO Brad Garlinghouse praised the bill on X as a "massive step forward" for clarity and consumer protection. The Blockchain Association is discussing Coinbase's stance. Banking lobbyists, via the American Bankers Association's petition signed by over 3,200 banks, oppose stablecoin yields, arguing they siphon funds from local lending.

Separately, KuCoin achieved a record $1.25 trillion in 2025 trading volume ($114 billion monthly average), capturing the highest centralized exchange share as volumes outpaced the broader crypto market slowdown. Spot and derivatives each exceeded $500 billion, with altcoins dominating beyond BTC and ETH.

Coinbase Global Inc., a major cryptocurrency exchange, has withdrawn its support for the current version of a proposed market-structure bill set for markup in the Senate Banking Committee on Thursday. The bill aims to regulate digital asset markets, including Bitcoin trading.

Coinbase’s Chief Executive Officer Brian Armstrong expressed concerns in a post on X on Wednesday, stating, “There are too many issues.” He further argued that “this version would be materially worse than the current status quo. We’d rather have no bill than a bad bill,” highlighting potential setbacks for the Bitcoin and broader crypto market amid ongoing regulatory debates.

Bitcoin's recovery above $94,000 has sparked debate on whether it signals a bull cycle continuation or a final rally before a deeper reset. Crypto analyst Xanrox, via TradingView, analyzes the weekly candlestick chart using Elliott Wave theory, indicating Bitcoin completed a five-impulse wave from early 2023, peaking above $126,000 in October 2025. The cryptocurrency is now in corrective waves ABC, with wave A as a sharp decline from a projected $125,000 high to the low-$80,000 range. Current price action represents a bullish counter-trend wave (B) or (X), potentially advancing to $100,000–$103,000 in coming weeks or months, possibly drawing altcoin rotations, before a larger downward move.

Xanrox's long-term structure, spanning 2017 to 2026, draws parallels to past cycles' deep corrections—over 75% drawdowns in 2018 and 2022—forecasting a major reset in 2026 to sub-$60,000, targeting $57,000 (0.618 Fibonacci retracement from the 2025 peak, above the 200-week moving average). This would equate to a 54% correction from the high. However, Spot Bitcoin ETFs may provide stabilization, potentially halting the drop before $57,000.