White House May Withdraw CLARITY Act Support if Coinbase Stays Out of Talks

The White House may fully withdraw support for the CLARITY Act on Jan. 17 if Coinbase does not return to negotiations on revenue terms acceptable to the banking industry, crypto reporter Eleanor Terrett reported citing a person close to the Trump administration. The source said the White House was angered by Coinbase's unilateral move on Wednesday, which was not disclosed in advance, characterizing it as undermining the White House and other industry participants. The person stressed one company cannot represent the entire industry, adding "this is President Trump's bill, not Coinbase CEO Brian Armstrong's bill." BlockBeats reported Armstrong said on Jan. 15 Coinbase will not support the current version ahead of Senate Banking Committee revisions and a vote, arguing the draft is worse than existing regulations and that no bill is preferable to a bad bill.