The White House of the United States of America has threatened to pull out all their support for the development of the crypto market bill amid the current fallout between them and the major industry players. This is in light of the fact that Coinbase announced that it does not support the way the legislation is moving along.
White House “Furious” over Crypto Market Bill Delay
According to Eleanor Terett, the government is about to withdraw its political backing for the progress of the_CLARITY Act due to the sudden withdrawal of Coinbase’s political backing for the bill.
She added that the White House is reported to be very angry with the exchange for choosing to stop the progress of this legislation. This, according to them, is a unilateral move and referred to it as a “rug pull” for the government and the crypto space.
Late Wednesday night, Coinbase CEO Brian Armstrong issued a statement expressing many concerns about the issues within the draft of the crypto market bill. He then went ahead and announced that they would not be supporting the movement of this bill.
This was just before the scheduled markup session for Thursday. It also explains why the White House has called the move a rug pull due to the sudden shift. This is almost before the markup is set for Thursday.
On the other hand, Coinbase has been receiving a lot of backlash ever since the act came into effect. According to experts, the major concern of the exchange is integration and not the bill itself.
The experts pointed out the increased competition from other companies and how the proposed crypto market bill will aid in their growth. Perhaps these will end up overtaking the exchange’s position in the future.
The White House has been stating that this bill is not targeting any specific exchange but the entire economy.
“This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” they added.
Where Does the Legislation Stand Now?
It has been reported that certain Senators have pledged to remain committed to carrying this legislation forward. The law would see how rules are established for digital commodities. It could also help create capital raising pathways for crypto firms.
“I think there is a way forward,” Senator Mark Warner, a Virginia Democrat, said about the progress of the proceedings.
However, It has not been shared when the new markup session will be held. Some are predicting it may stretch into February. Senator Lummis also shared her thoughts on the current status on the crypto market bill proceedings.
Still, other players in the industry are optimistic about the progress. Galaxy Digital CEO, Mike Novogratz predicted the CLARITY Act will be ratified in the next two weeks. This is because he is happy with the responses he got from the senators he met.
Source: https://coingape.com/white-house-threatens-to-pull-support-for-crypto-market-bill-amid-coinbase-dispute/
