Key Takeaways
- The White House may withdraw support for the crypto bill if Coinbase does not resume negotiations with a yield agreement acceptable to banks.
- Coinbase’s unsanctioned actions have angered the Trump administration, which sees them as a ‘rug pull’ against the administration and the crypto industry.
The Trump administration has threatened 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, according to Crypto In America’s Eleanor Terrett.
Coinbase walked away from negotiations ahead of a key Senate Banking Committee markup on the bill earlier this week, a major setback given the exchange’s prior involvement and public support for the legislation.
CEO Brian Armstrong publicly opposed certain provisions in the new draft in a statement released Wednesday.
According to sources, the White House is reportedly furious over Coinbase’s “unilateral” move, which officials say occurred without prior notice, calling it a “rug pull” on both the administration and the industry.
Source: https://cryptobriefing.com/white-house-crypto-bill-threat/
