White House–Coinbase Rift Puts Crypto Bill on Shaky Ground

[bonk]

The White House is weighing whether to withdraw support for a major crypto market structure proposal after Coinbase abruptly pulled its backing. According to Eleanor Terrett, administration officials were blindsided by the move and described it internally as a “rug pull” that undermined coordination with policymakers and industry stakeholders.

Sources close to the administration say the bill—widely seen as tied to Donald Trump’s policy agenda—could be abandoned entirely unless Coinbase returns to negotiations. The core dispute centers on stablecoin yield provisions, with officials signaling they want compromises that address banking-sector concerns before proceeding.

[chainsniff]

calling it a “rug pull” is kinda wild but also… not wrong? feels messy on all sides