On January 17, crypto journalist Eleanor Terrett posted on social media that, according to a source close to the Trump administration, the White House will consider withdrawing its support for the Crypto Markets Structure Act if Coinbase does not return to the negotiating table and reach an agreement on revenue that meets the requirements of the banking industry and fosters consensus among all parties.
The White House is reportedly furious about Coinbase's "unilateral" action on Wednesday, as it was apparently not informed of the matter beforehand, and described the move as a "bottom-up" strategy against the White House and other industry players. The source added that the White House believes 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 Coinbase would not support the current version of a comprehensive cryptocurrency legislation before the Senate Banking Committee's upcoming revision and vote. While acknowledging the senators' efforts to push for bipartisan consensus, he stated that the draft bill was "worse than the current regulatory landscape, and we'd rather have no bill than a bad one."
