The White House is reportedly furious at Coinbase after the exchange suddenly pulled support from the U.S. crypto market structure bill, the CLARITY Act.
Officials are calling Coinbase’s move a “rug pull”, saying they weren’t warned in advance.
Now here’s the big twist 👇
▫️ The White House is considering pulling its entire support for the bill
▫️ Unless Coinbase returns to negotiations
▫️ And agrees to a deal that also satisfies traditional banks
A source close to the Trump administration put it bluntly:
This is President Trump’s bill, not Brian Armstrong’s.
So what caused the clash? 🤔
Coinbase says the current version of the bill:
• Restricts stablecoin yield products
• Limits DeFi innovation
• Could block tokenised stocks
• Gives too much power to regulators
Coinbase walked away. Banks want yield caps. The White House is furious.
Now the U.S. crypto bill hangs by a thread.
The government wants a deal.
Banks want protection.
Coinbase wants freedom.
Crypto regulation in America just got a lot more interesting.
