The Globe and Mail reports in its Friday edition that a major cryptocurrency bill headed for a Senate vote Thursday was cancelled at the last minute after Coinbase objected to some of the bill's language. A New York Times dispatch to The Globe says Brian Armstrong, the chief executive officer of Coinbase, posted on X on Wednesday evening: "Coinbase unfortunately can't support the bill as written. This version would be materially worse than the current status quo. We'd rather have no bill than a bad bill." Within hours, the Senate vote was cancelled. The fate of a hotly contested legislative vote typically hinges on a few key lawmakers who are the moderate voices in a partisan scuffle. What happened this week to the landmark crypto bill shows how much power Coinbase now wields in Washington, with the crypto industry newly ascendant under President Donald Trump. The Clarity Act is a nearly 300-page bill designed to establish a regulatory framework for virtually every aspect of crypto. The sticking point was proposed language that threatened to outlaw one of Coinbase's products. The CEO also did not want to be overseen by the Securities and Exchange Commission. Coinbase's stock market value is about $70-billion (U.S.).