Coinbase and the White House: A Clash of Views on Crypto Rules

Brian Armstrong, the CEO of Coinbase, recently shared his thoughts on a report that suggested the White House was unhappy with Coinbase's stance on a crypto market structure bill.

The Report and Armstrong's Response

The report, by journalist Eleanor Terrett, claimed that the White House might withdraw its support for the bill if Coinbase didn't agree to certain conditions.

Armstrong disagreed with this interpretation. He stated:

"The White House has been quite helpful and even asked Coinbase to talk with banks about the bill."

He also mentioned that Coinbase has ideas to help community banks through this bill.

The Beginning of the Dispute

This all started when Coinbase decided to stop supporting the crypto market structure bill. The bill was supposed to create rules for cryptocurrency, but Coinbase had a problem with a part that would stop users from getting rewards for using stablecoins.

Armstrong's Concerns

Armstrong has been vocal about ensuring fair competition. He believes that banks have too much influence over the crypto bill, which could slow down innovation and protect banks' interests.

This is not the first time Armstrong has spoken about this. Earlier, he pointed out that China's decision to offer interest on its digital yuan could give China an advantage over the U.S. in digital currency adoption.

The Future of Digital Assets

All of this raises questions about the future of digital assets in the U.S. and the role of traditional banks in shaping these rules.