Overview
- InsideBitcoins, citing journalist Eleanor Terrett, reports the White House may withdraw support for the market-structure bill unless Coinbase returns with a yield compromise acceptable to banks.
- Brian Armstrong denies a rift, saying discussions with the administration are constructive and that Coinbase was asked to seek a deal with banks, with a focus on community institutions.
- Coinbase pulled its support earlier this week, arguing the draft would restrict DeFi, effectively bar tokenized equities, and prohibit passive stablecoin yield for customers.
- The Senate Banking Committee postponed its planned markup after Coinbase’s withdrawal as lawmakers work on revisions with industry stakeholders.
- Banking groups warn that yield-bearing stablecoins paying around 5% could draw deposits from traditional accounts, and Armstrong says a revised draft could emerge within weeks.