White House May Drop Crypto Bill After Coinbase Withdrawal: Report

The White House is reportedly considering withdrawing its support for the Digital Asset Market Clarity Act after Coinbase unexpectedly pulled its backing, an action described by a source close to the Trump administration as a "unilateral" move and a "rug pull." The administration is said to be furious because they were apparently not notified in advance, and they may abandon the bill unless Coinbase re-engages in negotiations and agrees to compromises regarding stablecoin yield provisions favored by banking interests. Coinbase CEO Brian Armstrong stated the exchange could not support the current Senate Banking Committee draft due to concerns over a de facto ban on tokenized equities, broad DeFi restrictions, privacy risks from expanded government access to records, and provisions that could harm stablecoin yields, arguing they prefer no bill over a bad one.

(Source：Cointelegraph)