Coinbase CEO Denies White House Clash Rumors After Stalled CLARITY Act

Coinbase CEO Brian Armstrong said the industry is working on several ideas to help community banks in the CLARITY market structure bill.

Brian Armstrong, the CEO of crypto exchange Coinbase, denied reports that the White House is considering pulling support for the CLARITY Act, a crypto market structure bill, and also denied rumors that the administration is “furious” with Coinbase.

“The White House has been super constructive here. They did ask us to see if we can go figure out a deal with the banks, which we’re currently working on,” Armstrong .

On Friday, independent journalist Eleanor Terrett a clash between Coinbase and the administration of US President Donald Trump, with the White House for the if Coinbase did not resume negotiations.

Coinbase, Congress, Senate, Brian Armstrong, US Government, United States — *Source:*

Coinbase for the CLARITY Act on Wednesday over concerns that the legislation would gut the decentralized finance (DeFi) sector, ban tokenized stock trading, and prohibit sharing yield from stablecoins with customers.

“We’d rather have no bill than a bad bill. Hopefully, we can all get to a better draft,” Armstrong on Wednesday, while sharing a list of industry concerns about the most recent bill draft.

The US Senate Banking Committee of the CLARITY Act, which was originally slated for Thursday, until lawmakers and the crypto industry can negotiate more acceptable terms.

Armstrong said he within a “few” weeks and characterized the provisions in the stalled version of the bill as “catastrophic” for consumers, echoing the .

Related:

The CLARITY Act has within the crypto industry, with some industry executives arguing that the bill is a net positive for the sector, despite the drawbacks, and others arguing that it is a major setback for the industry

At the heart of the debate is the issue of , which the most recent version of the bill prohibits.

Critics of the bill that it protects banking interests at the expense of the crypto industry and kills innovation in financial technology.

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