Robinhood CEO Vlad Tenev said he supports a U.S. crypto market structure bill, but the bill is expected to face difficulty passing for the time being, The Block reported on Wednesday.

In a post on social media platform X, Tenev said it was time for the United States to lead on crypto policy and that he supports efforts to pass the legislation in Congress. The bill would clarify supervisory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission, and includes provisions covering stablecoins, tokenised assets and DeFi. But a vote was delayed after Coinbase opposed it.

Coinbase CEO Brian Armstrong argued the bill would effectively ban tokenised stocks, limit DeFi and stablecoin rewards, and excessively expand the SEC's authority. Coinbase withdrew its support after concluding the bill would be unfavourable to customers.

Ripple CEO Brad Garlinghouse took a positive view, saying the bill would be a major advance in crypto regulation and an important step to protect consumers. The House of Representatives has already passed related legislation, and the Senate plans to merge two committee bills, then hold a floor vote and proceed to a signing process by President Donald Trump.