A new wave of turmoil has emerged in US cryptocurrency regulatory negotiations. According to an article by Fox News reporter Eleanor Terrett on the X platform, the White House is considering completely withdrawing its support for the CLARITY Act. A key variable is whether Coinbase's stance and actions regarding stablecoin yield agreements can satisfy traditional banks and bring all parties back to the negotiating table.
Eleanor Terrett, citing a source close to the Trump administration, said that if Coinbase does not reconsider and negotiate a "stablecoin yield agreement" with the White House and the banking industry, the White House may withdraw its support for the bill.
The source emphasized that the White House is currently quite dissatisfied with Coinbase's "unilateral action" on Wednesday, questioning whether it was adequately informed beforehand, and even describing the move as a "rug pull," believing it to be a rug directed at the White House and the entire crypto industry.
"This is Trump's bill."
The most striking sentence in this report is from a source who said:
"This is ultimately President Trump's bill, not Brian Armstrong's (Coinbase CEO) bill."
This highlights the White House's unwillingness to allow any single company to be seen as representing the entire crypto industry.
In contrast to the past few years, the crypto industry has often been seen as heavily reliant on a few leading platforms for lobbying. This controversy has brought the sensitive issue of "who can represent the industry at the legislative table" into the open.
Stablecoin yield terms become the center of negotiation
One of the core issues at the heart of this tug-of-war is the design of stablecoin yields. The White House's threat to "consider switching" is directly related to whether Coinbase is willing to accept a yield arrangement that satisfies banks.
For banks, stablecoins that can offer attractive returns on exchanges or crypto platforms will directly challenge traditional deposits, money market funds, and other products; for the crypto industry, returns are an important tool to increase the usage rate and retention of stablecoins.
Many netizens questioned whether the provisions in the bill, which reduce the profit margins of stablecoins, would be tantamount to protecting traditional banks; others argued that individual companies should not use the bill to negotiate and bind regulatory advantages to their own profit products.
The latest news is that Democrats have returned to the negotiating table and held conference calls with other crypto industry giants, but not Coinbase.
Going forward, whether Coinbase will "return to the negotiating table," how the stablecoin yield terms will be adjusted, and whether the White House will actually withdraw its support will all be key areas of market focus. For the crypto industry, this is not just a policy tug-of-war, but also a crucial piece of legislation representing the future direction of stablecoins.
