BlockBeats news: On January 17, crypto journalist Eleanor Terrett posted on social media stating that according to a person close to the Trump administration, if Coinbase does not return to the negotiating table and reach an agreement on revenue issues that meets the banking sector's requirements and achieves consensus among all parties, the White House will consider withdrawing its full support for the crypto market structure bill.
It is reported that the White House is furious over Coinbase's "unilateral" action taken on Wednesday, as the White House apparently had not been informed in advance and described the move as "undermining" the White House and other industry stakeholders. The source added that the White House believes one company cannot represent the entire industry.
"At the end of the day, this is President Trump's bill, not a bill from Coinbase CEO Brian Armstrong," the source said.
BlockBeats previously reported that on January 15, Coinbase CEO Brian Armstrong stated that Coinbase would not support the current version of a proposed comprehensive cryptocurrency legislation until the Senate Banking Committee revises and votes on it. While expressing appreciation for the senators' efforts to build bipartisan consensus, Armstrong said the draft bill is "worse than the current regulatory status quo," adding that "it would be better to have no bill at all than a bad one."