Insider: White House Upset With Coinbase's Unilateral Action, Will Consider Withdrawing Support for the CLARITY Act

BlockBeats News, January 17th: Cryptocurrency journalist Eleanor Terrett posted on social media, stating that according to a source close to the Trump administration, if Coinbase does not return to the negotiating table to reach an agreement on the revenue issue that satisfies banking requirements and facilitates industry consensus, the White House will consider fully withdrawing its support for the cryptocurrency market structure bill.

Reportedly, the White House was angered by Coinbase's "unilateral" action on Wednesday, as it was apparently not informed in advance and described the move as a "sucker punch" to the White House and other industry participants. The source added that the White House believes that one company cannot represent the entire industry.

"Ultimately, this is President Trump's bill, not Coinbase CEO Brian Armstrong's bill," the source said.

BlockBeats previously reported that Coinbase CEO Brian Armstrong stated on January 15th that, ahead of the Senate Banking Committee's upcoming revision and vote on comprehensive cryptocurrency legislation, Coinbase would not support the current version of the bill. Despite thanking the senators for pushing for bipartisan consensus, he said the draft is "worse than the current regulatory environment, preferring no bill over a bad bill."