White House threatens to pull support for crypto bill after Coinbase standoff: Report
Coinbase withdrew support for the CLARITY Act, warning the draft would restrict DeFi, ban tokenized equities and eliminate stablecoin rewards.
The White House is considering withdrawing its support for crypto market structure bill following a similar move from crypto exchange Coinbase, according to Fox Business reporter Eleanor Terrett, citing a source close to the Trump administration.
In a Sunday post on X, Terrett reported that the White House is furious over Coinbase’s decision to pull its backing for the Digital Asset Market Clarity Act, describing the move as a “unilateral” action that blindsided administration officials.
“The White House is said to be furious with Coinbase’s “unilateral” action on Wednesday, which it apparently was not notified of in advance, calling it a “rug pull” against the White House and the rest of the industry,” she wrote.
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