White House Threatens to Withdraw Support for Crypto Market Bill Following Coinbase’s Withdrawal
- The White House is reportedly furious over Coinbase’s withdrawal of support for the CLARITY Act.
- Coinbase CEO Brian Armstrong expressed concerns about the bill just before a scheduled markup session.
- Experts suggest that Coinbase’s main concern lies in competition rather than the bill itself.
- Some Senators remain committed to advancing the legislation, which aims to establish rules for digital commodities.
- Galaxy Digital CEO Mike Novogratz believes the CLARITY Act could be ratified within two weeks based on positive senator responses.
The potential withdrawal of political backing from the White House could significantly impact the future of cryptocurrency regulations in the U.S., particularly as it relates to major exchanges like Coinbase and their competitive landscape.
With Coinbase’s recent decision, the timeline for further discussions on the CLARITY Act remains uncertain, with predictions suggesting a possible delay until February. (Source)
