Triton99
1.1K posts



🚨SCOOP: The White House is considering pulling its support for the crypto market structure bill entirely if @coinbase does not come back to the table with a yield agreement that satisfies the banks and gets everyone to a deal, a source close to the Trump administration tells me. The White House is said to be furious with Coinbase’s “unilateral” action on Wednesday, which it apparently was not notified of in advance, calling it a “rug pull” against the White House and the rest of the industry. The White House does not believe that one company speaks for the entire industry, the source continued. “This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” the source said.



After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written. There are too many issues, including: - A defacto ban on tokenized equities - DeFi prohibitions, giving the government unlimited access to your financial records and removing your right to privacy - Erosion of the CFTC’s authority, stifling innovation and making it subservient to the SEC - Draft amendments that would kill rewards on stablecoins, allowing banks to ban their competition We appreciate all the hard work by members of the Senate to reach a bi-partisan outcome, but this version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully we can all get to a better draft. We'll keep fighting for all Americans and for economic freedom. Crypto needs to be treated on a level playing field with the rest of financial services so we can build this industry in a safe and trusted way in America.

The Senate Banking Committee marks up the Market Structure bill next week, and stablecoin rewards remain under debate. Congress already settled this in GENIUS—reopening it now only creates uncertainty and risks the future of the US Dollar as commerce moves onchain. Here’s why Congress should protect the GENIUS Act, and why rewards help consumers without harming community banks. 1/ 🧵
























