Crypto Bill: Trump's Push, Coinbase's Pull

President Donald Trump expressed his enthusiasm for signing a significant crypto market structure bill soon. He believes this bill could pave the way for greater financial freedom. His remarks came during a speech at the World Economic Forum in Davos, where he casually mentioned, "Bitcoin, all of them."

Not Everyone is on Board

Coinbase, a major player in the crypto industry, withdrew its support for the bill last week. The company has concerns about a provision that could limit their stablecoin yield programs, a crucial part of their business. Coinbase prefers no bill at all rather than one that could harm their interests.

White House Criticism

The White House has expressed displeasure with Coinbase's decision. Patrick Witt, a senior crypto official, criticized the company's stance, calling it a potential mistake. He compared blocking the bill to "fumbling the ball at the goal line."

Coinbase CEO Stands Firm

Brian Armstrong, Coinbase's CEO, remains steadfast. He accused the bank lobby of trying to ban competition, calling it unfair and un-American. His firm stance has led to a delay in the Senate Banking Committee's vote on the bill, creating tension among key players in the crypto world.