Coinbase CEO Denies White House Clash Rumors After Stalled CLARITY Act

Coinbase CEO Brian Armstrong refuted reports alleging a clash with the White House over the stalled CLARITY Act, specifically denying claims that the administration was "furious" with the exchange. Armstrong confirmed the White House has been "super constructive" and asked Coinbase to negotiate a deal with banks, which they are currently pursuing. Coinbase previously withdrew support for the bill due to concerns that it would harm the decentralized finance (DeFi) sector, ban tokenized stock trading, and prohibit sharing stablecoin yield with customers. The bill's markup was postponed by the US Senate Banking Committee to allow for further negotiation, with Armstrong expecting a new markup within a few weeks. The CLARITY Act has divided the crypto industry, primarily over the prohibition of sharing stablecoin yield, with critics arguing it favors banking interests over crypto innovation.

(Source：Cointelegraph)