Coinbase CEO and Industry Leaders Denounce Senate Democrats’ DeFi Proposal

Coinbase CEO Brian Armstrong has strongly criticized a leaked proposal by Senate Democrats that seeks to regulate decentralized finance (DeFi), calling it detrimental to the U.S. crypto sector. The proposal outlines stringent regulations, including a Treasury-managed restricted list for high-risk DeFi protocols and Know Your Customer (KYC) requirements for non-custodial wallets. Armstrong warned in a tweet that these measures could stifle innovation and push development overseas. )