- Brian Armstrong denied reports that the White House is pulling support for the CLARITY Act and denied claims the administration is “furious” with Coinbase.
- The White House asked Coinbase to try to reach a deal with banks, and Coinbase said talks are ongoing, according to Armstrong’s statement posted on X.
- Coinbase withdrew its support for the bill on Wednesday over concerns it would harm decentralized finance, ban tokenized stock trading, and bar sharing stablecoin yield with customers said Armstrong.
- The Senate Banking Committee postponed a scheduled markup to allow lawmakers and industry to negotiate changes; Armstrong said he expects a new markup within a “few” weeks and called the current provisions “catastrophic.”
- The bill has split the industry, with critics arguing it protects banks and curbs fintech innovation, a view voiced by figures such as Erik Voorhees on X.
On Friday, Brian Armstrong, CEO of Coinbase, denied reports that the White House planned to withdraw support for the CLARITY Act and denied that the administration was “furious” with the firm. “The White House has been super constructive here. They did ask us to see if we can go figure out a deal with the banks, which we’re currently working on,” he wrote on X in his post.
Independent journalist Eleanor Terrett had reported a clash between Coinbase and the administration and said the White House threatened to withdraw support if talks did not resume; she posted her account on X here.
Coinbase withdrew its backing for the CLARITY Act on Wednesday, citing concerns the legislation would gut decentralized finance, ban tokenized stock trading, and prohibit sharing stablecoin yield with customers, a position Armstrong outlined in a separate X post explaining the move.
The bill’s first page and text are available for review; readers can view the CLARITY Act bill text. The Senate Banking Committee postponed a planned markup originally set for Thursday to allow more negotiation between lawmakers and the crypto industry.
The debate has divided industry leaders. Some see benefits in the draft, while critics argue it favors banking interests and stifles innovation; that criticism appears in commentary from industry figures such as Erik Voorhees on X.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Steak ‘n Shake Boosts Bitcoin Treasury by $10M, Sales Gains!
- US Bitcoin Reserve Progress Hindered by Legal Obstacles Now.
- Ukrainian, German police ID Black Basta crew; leader wanted.
- Rocket Lab soars on $816M SDA award, Morgan Stanley boosted.
- JPMorgan Predicts 3% USD Drop by Mid-2026 Amid BRICS Shifts.
