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Coinbase CEO Brian Armstrong has denied reports that conflicts with the White House could derail the CLARITY Act, denying claims that the administration is planning to withdraw its support for the cryptocurrency market reform bill.
Important points:
- Coinbase CEO Brian Armstrong denied reports of disagreement at the White House and said support for the CLARITY Act remains.
- Coinbase has withdrawn its support for the bill due to concerns that it could harm regulated currencies, tokenized stocks, and stablecoin returns.
- Lawmakers have stalled debate on the bill amid growing divisions in the industry over concerns about technology and consumers.
in A recent post on X Armstrong said the White House has remained active and proactive despite recent disagreements over the direction of the legislation.
He also said that the administration has encouraged Coinbase to explore the possibility with banks, discussions that he said are still ongoing.
Armstrong denies claims against the White House
“The White House has been very encouraging here,” Armstrong wrote on X, rejecting negative views on the relationship.
These comments followed a report by journalist Eleanor Terrett where she said there was a rift between Coinbase and the Donald Trump administration, suggesting that officials were not satisfied with Coinbase’s decision to back the bill.
Coinbase stopped supporting it earlier this week, saying that the latest version of the CLARITY Act could disrupt public funds, restrict stock trading, and prevent companies from sharing stablecoins with users.
Armstrong said the stock exchange is better off stalling the bill than passing it in its current form.
Citing many of the issues that hurt consumers and innovation, he called the incident “horrific” and expressed hope that policymakers and industry can do better.
Coinbase has published a list of objections to the latest version of the bill, focusing on how it affects managed funds and stablecoin products.
These concerns prompted the US Senate Banking Committee to delay its review of the CLARITY Act and markup, giving lawmakers more time to discuss the changes with industry stakeholders.
Armstrong said he expects the revised bill to come back for consideration within the next few weeks.
The debate exposed divisions within the cryptocurrency sector itself. Some officials see the Clarity Act as providing long-awaited regulatory clarity, even after approval, while others see it as a concession to traditional banking interests.
The sharpest part is around stablecoins, with critics warning that banning money-sharing could stifle competition and limit consumer choice.
Crypto currency regulation has become a political issue
The past week has shown how cryptocurrency regulation has progressed from technology regulation to a major political debate over autonomy, enforcement and oversight.
From central banking crises to regulatory gridlock, the political landscape surrounding the digital economy remains volatile and politically shaped.
The debate came to a head after Jerome Powell publicly warned that a Justice Department investigation into his testimony before Congress would undermine the Fed’s independence.
Meanwhile, the power of federal cryptocurrency legislation has weakened as the US Senate Agriculture Committee suspended discussion of the Digital Asset Market Clarity Act amid unresolved disputes over financial issues, stablecoin issuance, and their governance.
Concerns grew after Galaxy Digital warned that the Senate’s bank bill could empower the Treasury Department’s “Patriot Act”-style powers, raising concerns that aggressive regulatory powers could stifle innovation and push cryptocurrency projects to the brink.
A note The CEO of Coinbase denies any disagreement with the White House, and confirms that he continues to support the Clarity Act. appeared for the first time Cryptonews Arabic.
