White House Warns It May Drop Crypto Bill Support After Coinbase Clash

TheNewsCryptoPublicado em 2026-01-17Última atualização em 2026-01-17

Resumo

Tensions escalated between the Trump Administration and Coinbase after the exchange withdrew support for the Digital Asset Market Clarity Act. Reports indicate the White House may also drop its support, feeling blindsided by Coinbase's move, which it viewed as a direct challenge. Officials are reportedly furious and may abandon the bill unless Coinbase returns to negotiations, particularly on stablecoin yield rules opposed by banking groups. Coinbase CEO Brian Armstrong stated the bill would worsen the current regulatory environment, banning tokenized equities, restricting DeFi, and increasing government access to private financial data. He also opposed shifting power from the CFTC to the SEC. Stablecoin yield provisions remain a major issue, with banks fearing deposit outflows due to competition. The standoff threatens the entire legislative effort, potentially delaying crypto market structure clarity. The crypto community is divided, with some praising Coinbase for defending innovation and others criticizing its unilateral approach. The conflict highlights stablecoin and DeFi regulations as key battlegrounds in the bill.

Tensions have escalated between the Trump Administration and the Coinbase exchange because the platform suddenly pulled its support for the Digital Asset Market Clarity Act, and rumors have been spreading that the Trump White House is pulling the plug on the bill.

Fox Business reporter Eleanor Terrett said in a Sunday post on X that the White House is considering pulling its support for the Senate’s crypto market structure bill following Coinbase’s move. Terrett cited a source close to the administration who claimed officials felt blindsided by Coinbase’s decision and now view it as a direct challenge to the White House’s authority over the legislation.

“The White House is said to be furious with Coinbase’s unilateral action,” the source told Terrett, calling it a “rug pull” against the administration and the broader industry coalition pushing for regulation.

According to the report, officials may fully abandon the bill unless Coinbase returns to negotiations and accepts a compromise, especially on stablecoin yield rules that banking groups have aggressively supported. “This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” the source added.

Coinbase pulls support, warns bill harms crypto

Coinbase CEO Brian Armstrong stated on Wednesday that his company, and Coinbase itself, were unable to support the draft of the Senate Banking Committee because it would actually lead to a worse situation than what they are dealing with now. “We’d rather have no bill than a bad bill,” Armstrong said. This is their way of saying that it is better to stick with what they have.

Among the major points raised by Armstrong were the following: “The draft will effectively ban tokenized equities,” in addition to broad restrictions on decentralized finance and increased government access to financial information in a way that invades privacy. He also argued the proposal would weaken the Commodity Futures Trading Commission while giving the Securities and Exchange Commission more power, an outcome many crypto firms oppose due to the SEC’s enforcement-first posture in recent years.

Stablecoin yield provisions remain the biggest flashpoint. Armstrong said the draft risks “killing rewards” on stablecoins, echoing industry fears that lawmakers are shaping the bill to protect traditional banks from competition.

Banking trade groups have pushed hard for restrictions, arguing that stablecoin yields of around 4% to 5% could pull deposits out of savings accounts, especially from community banks. Barron’s cited concerns that stablecoin interest could trigger major deposit outflows and reduce bank lending capacity.

Political fallout threatens the entire market structure push

This standoff has introduced actual political risks for the bill. The crypto market structure outline would establish how the SEC and CFTC regulate digital assets, which is considered essential for institutional adoption. This withdrawal by Coinbase has introduced actual disruption, including the postponement of the timeline by the Senate Banking Committee.

Now, if the White House follows through and pulls support, lawmakers could struggle to build enough momentum to move the bill forward quickly, especially if industry unity fractures.

Crypto community splits on Coinbase’s strategy

Reaction across crypto has been mixed. Many users praised Coinbase for refusing to accept a bill they believe protects banks at the expense of innovation. Nic Carter, cofounder of Coin Metrics, criticized banking pressure in blunt terms, suggesting banks should stop trying to block competition.

However, others argued Coinbase overplayed its hand. Critics said Coinbase is only one exchange and should not act like it can veto industry-wide legislation, particularly when market structure clarity affects every sector of crypto.

At this point, the negotiations seem inconclusive. In either case, one thing has become clear: The war over stablecoin rates and DeFi limitations has become the “line in the sand” within the most significant crypto bill in Washington.

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Perguntas relacionadas

QWhy is the White House considering withdrawing support for the Digital Asset Market Clarity Act?

AThe White House is considering pulling its support because officials felt blindsided by Coinbase's sudden withdrawal of support and view it as a direct challenge to the administration's authority over the legislation.

QWhat were Coinbase CEO Brian Armstrong's main objections to the Senate's crypto market structure bill?

AArmstrong objected that the bill would effectively ban tokenized equities, impose broad restrictions on DeFi, increase government access to financial information in a privacy-invasive way, weaken the CFTC, and give more power to the SEC. He also opposed the stablecoin yield provisions that could 'kill rewards'.

QWhat is the primary concern of banking groups regarding stablecoin yields?

ABanking trade groups argue that stablecoin yields of 4% to 5% could pull deposits out of traditional savings accounts, particularly from community banks, potentially triggering major deposit outflows and reducing bank lending capacity.

QHow has the crypto community reacted to Coinbase's decision to withdraw support for the bill?

AReactions have been mixed. Some praised Coinbase for refusing a bill they believe protects banks at the expense of innovation, while others criticized the exchange for overplaying its hand and acting like it could veto industry-wide legislation.

QWhat potential consequence does the White House's potential withdrawal of support have for the crypto bill?

AIf the White House pulls its support, lawmakers could struggle to build enough momentum to move the bill forward quickly, especially if industry unity fractures, potentially delaying or jeopardizing the entire market structure legislation.

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