Overview
- Following Coinbase’s withdrawal of support, the Senate Banking Committee postponed its planned markup of the CLARITY/Digital Asset Market Clarity Act.
- Armstrong rejected claims that the administration is pulling back, saying officials asked Coinbase to explore compromises with banks, particularly community banks.
- The key dispute centers on banning or restricting stablecoin yield for users, alongside contested provisions touching DeFi, tokenized assets, and SEC–CFTC authority.
- Journalist Eleanor Terrett reported White House frustration and a possible pullback conditioned on a yield agreement, a characterization Armstrong publicly disputed.
- Major crypto executives signaled support for advancing the bill despite reservations, as negotiators work toward revised language in the coming weeks under a tight Senate timeline.