White House furious with Coinbase... "Considering withdrawing support for the Clarity Act"

The White House warned it could fully withdraw its support for a crypto-asset (cryptocurrency) market structure bill (the Clarity Act).

On the 16th (local time), Eleanor Terrett, host of Crypto America, cited sources in the Trump administration as saying, "The White House is considering pulling its support for the bill unless Coinbase returns to the negotiating table with an 'interest income deal' that would satisfy the banking sector."

According to the sources, the White House is furious over the "unexpected move" Coinbase CEO Brian Armstrong made last Wednesday. Armstrong publicly voiced opposition, arguing the Clarity Act would stifle decentralized finance (DeFi), and Senate Banking Committee consideration has been postponed indefinitely as a result.

The White House criticized this as a "rug pull" against "the White House and the entire industry." It was also reported to have expressed displeasure that Coinbase unilaterally took an opposing stance without any prior notice.

The White House made clear it will not be swayed by the influence of any single company. A source said, "The White House does not think one company (Coinbase) represents the entire industry," adding, "This bill is ultimately President Donald Trump's bill, not Brian Armstrong's."