Why Coinbase split with Andreessen Horowitz and the crypto industry on a key bill—and what’s next for the Clarity Act

Coinbase CEO Brian Armstrong’s abrupt decision to pull his support for the draft of a landmark crypto bill has jolted Washington, D.C. After working in political lockstep for more than a year, the crypto industry is now facing a rupture as key leaders—including the influential venture capital firm Andreessen Horowitz (a16z)—express support for the same bill after the Senate Banking Committee delayed a key vote last week. 

Meanwhile, another Senate body, the Agriculture Committee, is...