Coinbase CEO Brian Armstrong refutes claims of White House withdrawing support for CLARITY Act, says administration is constructive. White House reportedly threatened to pull support for bill if Coinbase did not resume negotiations. Coinbase withdrew support for CLARITY Act due to concerns over impact on DeFi sector and tokenized stock trading.

US Senate Banking Committee postpones markup of CLARITY Act after Coinbase withdrawal. Armstrong expresses hope for a better draft of the bill. Stalled version of the bill criticized as catastrophic for consumers by industry executives. Expectation of new bill markup within a few weeks to address concerns raised by the crypto industry.

CLARITY Act creates division in the crypto industry, with some seeing it as positive despite drawbacks. Prohibition on sharing stablecoin yield with customers a key issue. Critics argue bill favors banking interests over innovation in fintech. Debate intensifies over impact of bill on the industry and stablecoin yields.

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Read more at Cointelegraph: Coinbase CEO Denies White House Clash Rumors After Stalled CLARITY Act