‘Block and find out’ – White House warns Coinbase on CLARITY Act fallout

ambcryptoPublicado em 2026-03-28Última atualização em 2026-03-28

Resumo

The White House issued a veiled warning to Coinbase over its opposition to the CLARITY Act, suggesting a future Democratic administration could impose harsher regulations on stablecoin yields, DeFi, and crypto overall. This marks a shift from earlier statements downplaying the exchange's stance. Coinbase confirmed it is working on a counterproposal to preserve stablecoin rewards, drawing both support and criticism. Broader industry concerns include weakened DeFi developer protections and the exclusion of Bitcoin from tax exemptions, which only apply to stablecoins. Despite the standoff, Coinbase anticipates the bill could be resolved and passed by early May.

The latest CLARITY Act standoff has now devolved into subtle threats between the White House and Coinbase.

In a social media post on the 28th of March, Patrick Witt, the executive director of the President’s Council on Digital Assets, issued a veiled warning that seemed aimed at a recent Coinbase holdout.

According to Witt, the future Democratic administration will likely treat stablecoin yield, DeFi, and overall crypto way worse than the current compromise in the CLARITY Act draft. The Trump crypto advisor dared Coinbase to block the bill and find out Democrats’ plans.

This was a complete U-turn from an earlier White House statement that downplayed Coinbase’s alleged opposition to the new stablecoin restrictions.

But the stalemate is now public, and the crypto exchange confirmed it. In a separate statement, David Duong, Coinbase’s head of global investment research, said the industry was “working on a coordinated counterproposal” to “preserve sustainable stablecoin rewards.”

Some supported Coinbase’s fight for stablecoin yield. But critics wondered when the exchange’s CEO became a “crypto industry CEO” and a de facto spokesperson, decrying that he was holding the entire sector hostage.

However, the contentions on the latest CLARITY Act draft go beyond stablecoin rewards.

Developer protections and Bitcoin tax exemption concerns

Industry’s policy chiefs also raised concerns about the draft rules’ treatment of DeFi developer protections and the crypto double taxation issue.

For his part, Jake Chervinsky, CEO of Hyperliquid Policy Center, said the draft rules undermine developer protections and cautioned,

Those sections must be fixed, or the bill doesn’t work for DeFi. If the bill doesn’t work for DeFi, it doesn’t work at all.

However, Senator Cynthia Lummis assured that there was bipartisan support to include changes that protect developers.

Separately, legal experts had issues with a new draft proposal that only offered a tax exemption for stablecoin transfers, but not BTC. Again, Coinbase was blamed for blocking the BTC tax exemption.

Notably, the proposal fixed the double taxation of crypto staking but not Bitcoin mining. This elicited a strong opposition from the advocacy group Bitcoin Policy Institute (BPI). BPI added,

Today’s new draft leaves the double taxation on Bitcoin mining in place and only provides relief to staking. We need a strong community push back to show that this language sets America and Bitcoin back.

Coinbase eyes May for final bill passage

That said, Coinbase’s Duong projected that the stablecoin yield issue could be resolved in the next three weeks.

According to him, a Senate Banking markup could then happen in H2 April with a potential final passage of the bill in early May if “floor time allows.”

Final Summary

White House warned Coinbase of the dire future consequences if it blocks the CLARITY Act again.
The exchange sought a new stablecoin yield deal and expected the bill could be passed in May.

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Perguntas relacionadas

QWhat was the White House's warning to Coinbase regarding the CLARITY Act?

AThe White House, through Patrick Witt, issued a veiled warning that a future Democratic administration would likely treat stablecoin yield, DeFi, and crypto much worse than the current compromise in the CLARITY Act draft if Coinbase blocks the bill.

QWhat specific issue is Coinbase seeking to address with a coordinated counterproposal?

ACoinbase is working on a coordinated counterproposal to 'preserve sustainable stablecoin rewards' in response to the new stablecoin restrictions in the CLARITY Act draft.

QBeyond stablecoins, what other major concerns did industry experts raise about the CLARITY Act draft?

AIndustry experts raised concerns about the draft's undermining of DeFi developer protections and its failure to provide a tax exemption for Bitcoin, only offering one for stablecoin transfers and fixing double taxation for staking but not for Bitcoin mining.

QWhat was the projected timeline for the bill's passage according to Coinbase's David Duong?

ADavid Duong projected that the stablecoin yield issue could be resolved in three weeks, with a Senate Banking markup in the second half of April and a potential final passage of the bill in early May.

QWhich advocacy group strongly opposed the draft's treatment of Bitcoin mining taxation?

AThe Bitcoin Policy Institute (BPI) strongly opposed the draft, stating it leaves the double taxation on Bitcoin mining in place and only provides relief to staking, which sets America and Bitcoin back.

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