White House threatens to withdraw support for crypto bill after Coinbase move, calling it a rug pull on the industry
Crypto Briefing
The White House threatens to withdraw support for a crypto bill if Coinbase doesn't resume yield agreement negotiations with banks.Summary
The Trump administration is reportedly threatening to completely withdraw its support for the crypto market structure legislation if Coinbase does not return to negotiations with a yield agreement acceptable to banks. This threat follows Coinbase's decision to walk away from negotiations ahead of a key Senate Banking Committee markup, after CEO Brian Armstrong stated the exchange could not support the bill as written due to issues like tokenized equity bans and DeFi prohibitions. Sources indicate the White House is furious over Coinbase's "unilateral" move, viewing it as a "rug pull" against both the administration and the broader crypto industry.
(Source：Crypto Briefing)