Coinbase Policy Chief Responds to Potential Delays in White House Agreement on Stablecoin Earnings

Coinbase Chief Policy Officer Faryar Shirzad responded on X to the report that the White House’s agreement goals may fall through, stating that Coinbase and CEO Brian Armstrong have been engaged in negotiations for months and have committed to multiple potential compromises. Coinbase has consistently prioritized protecting the GENIUS Act and the interests of ordinary Americans, and he thanked Patrick Witt, Executive Director of the President’s Digital Asset Advisory Council, for his efforts in advancing solutions, expressing hope for the successful implementation of the President’s crypto agenda. According to Decrypt senior journalist Sander Lutz, the White House had hoped to reach an agreement on stablecoin yield issues by the end of this weekend, but a banking insider directly involved in the negotiations said the goal “will not be achieved.” Significant disagreements remain between the crypto industry and banking lobbying groups over whether stablecoins should be permitted to generate yields, with this dispute becoming a major obstacle to advancing the Crypto Market Structure Act, directly challenging Coinbase CEO’s firm stance that stablecoins should be allowed to generate returns for users.