Coinbase denies White House split claims as Clarity Act divisions deepen

Core Viewpoint - Coinbase's CEO Brian Armstrong asserts that there is no rift between Coinbase and the White House regarding the new crypto legislation, emphasizing constructive discussions with government officials [1]. Group 1: Legislative Developments - The proposed bill aims to shift regulatory control and impose bans on passive yields from stablecoin holdings, reflecting a contentious atmosphere among industry stakeholders [2]. - Coinbase withdrew its support for the bill just before the Senate was set to debate it, leading to speculation about increased demands for changes from market players, which may complicate negotiations [3]. - Allegations surfaced that the White House was upset with Coinbase's unilateral decision to withdraw support, but Armstrong refuted claims of a rift, stating that the White House remains engaged in discussions [3]. Group 2: Industry Reactions - The bill has received mixed reactions within the crypto industry, with some welcoming regulatory clarity while others view it as a concession to traditional finance, particularly concerning stablecoin yields [5]. - Armstrong criticized the potential impact of stablecoin yields on banks, arguing that consumers should have the opportunity to earn more on their investments [5]. - A source close to the Trump administration indicated that the White House was not informed of Coinbase's decision in advance, suggesting that one company should not represent the entire industry [4].