"Coinbase withdraws support Senate’s crypto market structure bill" Jan 15, 2026

Coinbase withdraws support Senate’s crypto market structure bill BOA CEO says $6T could shift to stablecoins. BitMine invests in MrBeast's Beast Industries London stock exchanges announces 24/7 blockchain based platform ###Gemini Card Disclosure: The Gemini Credit Card is issued by WebBank. In order to qualify for the $200 crypto intro onus, you must spend $3,000 in your first 90 days. Terms Apply. Some exclusions apply to instant rewards in which rewards are deposited when the transaction posts. This content is not investment advice and trading crypto involves risk. For more details on rates, fees, and other cost information, see Rates & Fees. The Gemini Credit Card may not be used to make gambling-related purchases. ### For 40% off your order, head to Udacity.com/DCR and use code DCR. Learn more about your ad choices. Visit megaphone.fm/adchoices

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  It's 8 a.m. Eastern, January 15th, and this is your daily crypto report. Bitcoin is up slightly at $96,946. Ethereum is up slightly at $3,368. And Binance Coin is up slightly at $940.

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  Well Coinbase withdrew support for the Senate's sweeping crypto market structure bill on Wednesday night after a fast-moving week of new texts, tight deadlines, and unresolved policy concerns, according to a source familiar with the decision, which they said was not made lightly. Coinbase CEO Brian Armstrong cited four main issue areas: how the bill handles tokenized equities, DeFi provisions he argued would kill rewards on stable coins, and the SEC's role, stressing it wasn't one single deal breaker, but that concerns were triggered when updated bill text of 270-plus pages was released Monday night, with major sections seen for the first time and new problems, including an illicit finance section, followed by amendments due Tuesday afternoon, and Coinbase concluding it was not in customers' best interest, given unclear prospects for fixes and too little time for further Senate

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  Banking Committee engagement. Later Wednesday, Senate Banking Committee Chair Tim Scott announced the markup was postponed, saying industry, financial sector, and lawmakers were still negotiating in good faith. Bank of America CEO Brian Moynihan said on a Wednesday earnings call that a U.S. Treasury Department study suggests up to $6 trillion in bank deposits, about 30% to 35% of total commercial bank deposits, could shift into stable coins if Congress allows stable coins to pay interest, warning that this would pull funding out of the traditional banking system and force banks to shrink lending or replace deposits with more expensive wholesale funding. He argued interest-bearing stable coins function more like money market funds with reserves parked in short-term assets like United States Treasuries instead of being recycled into bank loans.

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  The flashpoint is the latest negotiated Senate crypto market structure draft released by Senate Banking Committee Chair Tim Scott on January 9th, which would ban digital asset service providers from paying yield just for holding stable coins, passive interest, while still allowing Activity-based rewards tied to things like staking, providing liquidity, or posting collateral. Ethereum treasury firm Bitmine Immersion Technologies said it will make a $200 million equity investment in Mr. Beast's Beast Industries, the media and consumer holding company founded by Jimmy Donaldson, linking a major ETH accumulator with the world's most-followed single-creator platform. Beast Industries spans large-scale content, consumer brands like Feastables and Mr. Beast Burger, merch, and new commerce ventures.

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  Tom Lee framed the deal as a strategic bet for Gen Z and Gen Alpha reach, plus retail distribution and pop culture relevance, while CEO Jeff Hausenbold said the capital will fund growth and exploration of DeFi integrations and future financial services products, with closing expected around January 19th. Well, London Stock Exchange Group announced Thursday the launch of its digital settlement house, a 24/7 blockchain-based platform for settling transactions using tokenized commercial bank deposits, enabling instantaneous payments across multiple currencies and connected networks. It runs within the firm's post-trade solutions, operates via accounts at commercial banks to give members immediate ownership of deposits, and adds features like dynamic intraday liquidity and funding management, including intraday borrowing and lending,

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  synchronized settlement, shorter settlement timelines, and increased collateral availability to reduce settlement risk. And finally, Fogo, a high-throughput blockchain built on the Solana virtual machine and designed by ex-Wall Street executives for real-time trade execution, is launching its public mainnet after the Fogo Foundation raised $7 million in a Binance strategic token sale, selling 2% of Fogo at a $350 million valuation to fund the foundation. Last month, Fogo canceled a planned pre-sale of 2% of supply that aimed to raise $20 million at a $1 billion fully diluted valuation, opting instead for an airdrop and expanded points program. Funding also includes a January 2025 community first round.

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  That's all for us today. Visit us at dailycryptoreport.io and listen to us everywhere else you podcast under Daily Crypto Report.

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