The Senate Banking Committee hit pause on the crypto market structure bill Thursday after Coinbase's Armstrong publicly said they can't support it anymore.

The draft language effectively bans tokenized equities, restricts DeFi surveillance, and removes stablecoin rewards — three things directly tied to Coinbase's future revenue streams. Robinhood's Tenev chimed in too, pointing out they can't offer staking in four states or tokenized stocks domestically while their EU users already have access.

What's interesting is the timing. Both stocks dropped hard — COIN down 6.5%, HOOD down 7.8% — but the real damage might be longer-term. Kalshi odds for passage before 2027 collapsed from 93% to 49% in weeks. The companies wanted clarity, but now they're back in enforcement limbo with no timeline. That uncertainty costs more than a bad bill for some investors.

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