The crypto market opened today with stories pulling attention in different directions. On one side, Coinbase CEO Brian Armstrong stepped away from backing a Senate draft tied to the crypto bill. On the other hand, the Ethereum price kept doing what it has done for weeks now, moving sideways and testing our patience, even with slight pumps in between, just like what happened yesterday.
Regulatory tension from Coinbase’s withdrawal from the crypto bill is rising just as the Ethereum price continues walking near the same range it has held for more than two months now. While price action feels boring on the surface, history tells us that these quiet periods usually reward holders.
Armstrong didn’t mince words when explaining why Coinbase pulled support. According to him, the current crypto bill draft backed by lawmakers introduces restrictions that could suffocate DeFi and tokenized assets. For Coinbase, supporting a harmful bill simply to “have regulation” isn’t worth the trade-off.
One sticking point is how the crypto bill shifts power away from the CFTC and toward the SEC. Another is language that could effectively kill stablecoin rewards, pushing users back toward traditional banks. From Coinbase’s perspective, such a framework punishes innovation while protecting legacy finance.
After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written.
There are too many issues, including:
– A defacto ban on tokenized equities
– DeFi prohibitions, giving the government unlimited access to your financial…— Brian Armstrong (@brian_armstrong) January 14, 2026
Coinbase, Crypto Bill Debate, and Ethereum Price Reality
The Senate Banking Committee’s decision to delay the bill followed shortly after Armstrong’s criticism, picturing just how fragile the legislative process still is. Coinbase’s stance puts it firmly in line with crypto-native firms asking for smarter rules, even if we need to wait.
I’m actually quite optimistic that we will get to the right outcome with continued effort. We will keep showing up and working with everyone to get there.” – Brian Armstrong on his X post
Meanwhile, the Ethereum price barely reacted, especially in a bad way. Despite 62 days of tight range trading between $2,900 and $3,400, Ethereum’s on-chain data keeps improving. New wallet creation recently hit a record, pushing total non-empty wallets to 173 million.
Institutions are clearly watching beyond the short-term Ethereum price chart. Bitmine’s latest move added over 154,000 ETH to its staking pile, from a total holdings of 2,133 million Ethereum worth more than $7 billion at the current price. If Bitmine is bullish, so am I.
(source – Arkham)
DISCOVER: 10+ Next Crypto to 100X In 2026
What Comes Next?
Ethereum still controls over 60% of the stablecoin and tokenization market, a dominance that is yet to be cracked despite hundreds of new competitors. ETF flows went positive again, with over $175 million moving into ETH-focused funds from firms like BlackRock and Fidelity, bringing 3 days of green flows.
(source – Coinglass)
Past cycles show similar Ethereum price consolidations that acted as launchpads for altcoin rallies. If ETH clears resistance at $3,450, momentum could build quickly toward $4,000. Failure there likely means more chop.
Either way, Coinbase is still pushing for a fix from a “flawed” crypto bill, and Ethereum is building strength. Good things come to those who wait.
DISCOVER:
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The post Crypto Market News Today, January 15: Coinbase CEO Stops ‘The Written’ Crypto Bill Support as Ethereum Price Sideways in 2 Months | Altcoin Season Coming? appeared first on 99Bitcoins.
