Wu said that Coinbase CEO Brian Armstrong stated that after reviewing the draft of the Cryptocurrency Market Structure Act issued by the Senate Banking Committee, Coinbase cannot support this version of the legislation. He pointed out that the draft has several issues, including effectively restricting tokenized stocks, setting prohibitive clauses against DeFi and expanding government access to individuals' financial records, weakening the CFTC's regulatory authority and making it subordinate to the U.S. SEC, as well as restricting stablecoin yields through amendments and giving banks room to suppress competition.