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Coinbase opposes Senate crypto bill, warns of SEC overreach and DeFi bans

Coinbase opposes Senate crypto bill, warns of SEC overreach and DeFi bans

Photo: Bryan van der Beek

CEO Brian Armstrong says Senate draft erodes CFTC power, harms stablecoin rewards, and threatens crypto innovation as hearing faces possible delay.

by Estefano Gomez

1 min read

In Regulation

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Coinbase Global, Inc. (COIN) price

Full chart and stats

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Market cap
$42.5B (shares as of 2026-06-30)
P/E (trailing)
Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue
$7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
+9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
20.0% (FY ended 2025-12-31)
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 27, 2026 · tokenized COINx $161$42.5BNot meaningfulLoss, diluted EPS −3.79
to 2026-06-30 · SEC filing		Unavailable$7.2BFY ended 2025-12-31 · 10-K+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 27, 2026 · tokenized MSTRx $141UnavailableNot meaningfulLoss, diluted EPS −96.98
to 2026-06-30 · SEC filing		Unavailable$477.2MFY ended 2025-12-31 · 10-K+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 27, 2026 · tokenized CRCLx $82Unavailable16.3Unavailable$2.7BFY ended 2025-12-31 · 10-K+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K−69,508,000FY ended 2025-12-31, attributable to the company · 10-K−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 27, 2026 · tokenized BMNRx $22$13.0BNot meaningfulLoss, diluted EPS −4.50
to 2026-05-31 · SEC filing		Unavailable$6.1MFY ended 2025-08-31 · 10-K+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K348,577,000FY ended 2025-08-31, attributable to the company · 10-K7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 27, 2026, 8:36 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Coinbase CEO Brian Armstrong said the exchange will not support the current Senate Banking Committee crypto bill, citing provisions that could ban tokenized equities, restrict DeFi, and kill stablecoin rewards.

https://x.com/brian_armstrong/status/2011545247105355865

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In a post after reviewing the draft over 48 hours, Armstrong warned the bill would hand excessive authority to the SEC, weaken the CFTC, and grant the government sweeping access to financial data. He also pointed to amendments that could give banks the power to eliminate crypto competition by ending yield-bearing stablecoins.

The Senate Banking Committee was initially set to amend and vote on the bill Thursday morning, but a new report from CoinDesk says Senator Cynthia Lummis indicated the hearing may be postponed. The legislation aims to define when digital assets qualify as securities or commodities and to assign regulatory oversight between the SEC and the CFTC.

Armstrong said Coinbase respects lawmakers’ efforts but believes this draft would be worse than no legislation at all. “We’d rather have no bill than a bad bill”, he wrote, pledging to keep pushing for crypto-friendly regulation.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.