Coinbase is publicly disputing the Trump White House over the CLARITY Act, a key piece of U.S. crypto legislation.
CEO Brian Armstrong withdrew support for the Senate draft. Sources close to the administration state officials are angered by the move against the White House and the broader crypto industry.
Coinbase argues the current bill over-empowers the SEC. The company views the legislation as harmful to decentralized finance. Coinbase prefers no legislation over passing a "bad bill."
The public power struggle creates significant uncertainty for U.S. crypto regulation. This uncertainty is a critical issue for Coinbase's business.
The White House emphasizes that the legislation remains President Trump's priority. The administration asserts that one company does not speak for the entire industry.