Michaela
CEO of U.S.-based crypto exchange Coinbase Brian Armstrong has denied reports of a rift with the White House, calling claims that the administration might withdraw support for the CLARITY Act “not accurate.”
Key Points
- Coinbase CEO Brian Armstrong denies any rift with the White House regarding the CLARITY Act.
- The company withdrew support due to concerns over DeFi, tokenized stocks, and stablecoin yield restrictions.
- Senate markup of the bill has been delayed as lawmakers and industry leaders continue negotiations.
“In general, love your posts, but this is not accurate. The White House has been super constructive here,” Armstrong wrote in an X post, responding to crypto journalist Eleanor Terrett, who had reported on Friday that a source close to the Trump administration claimed the White House might withdraw support for the CLARITY Act unless Coinbase reached a yield agreement acceptable to banks.
Terrett also reported that the White House is said to be “furious” over Coinbase’s decision last Wednesday to withdraw its support for the CLARITY Act. Coinbase cited concerns that the bill could undermine decentralized finance (DeFi), ban tokenized stock trading, and block the sharing of stablecoin yields with customers.
According to the report, the administration was not informed beforehand, describing Coinbase’s move as a “rug pull” against both the White House and the broader crypto industry, and emphasizing that it does not view a single company as representing the entire sector. “This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” the source stated, according to Terrett.
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In his response to Terrett, Armstrong clarified that the White House had asked Coinbase to explore a potential agreement with the banks, and he confirmed that the company is actively working on that effort. “Actually, we’ve been cooking up some good ideas on how we can help the community banks specifically in this bill, since that’s what this is about…..the community banks, right? More coming soon,” Armstrong wrote.
Following Armstrong’s response, Terrett stood by her reporting, asserting its accuracy. She noted that Armstrong’s statement confirmed the key point of her story: that the White House had asked Coinbase to help secure a yield agreement. “My reporting is that WH support now appears to be contingent on that outcome,” Terrett wrote.
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The U.S. Senate Banking Committee has delayed the planned markup of the CLARITY Act, originally scheduled for Thursday, to allow more time for negotiations between lawmakers and the crypto industry. The proposed legislation has sparked division within the sector, with some executives viewing it as a step forward despite its shortcomings, while others warn it could significantly hinder the industry’s growth.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
