Coinbase Chief Policy Officer Responds to "White House Achieving Agreement Goals or Falling Short": Has Committed to Multiple Potential Compromise Plans on Stablecoin Yield Issues

ChainCatcher News, Coinbase Chief Policy Officer Faryar Shirzad posted on X in response to the “White House reaching an agreement target or falling short,” stating that Coinbase and CEO Brian Armstrong have been involved in negotiations for months and have committed to several potential compromise plans. Coinbase has always prioritized protecting the GENIUS Act and the interests of ordinary Americans. He also thanked Patrick Witt, Executive Director of the President’s Digital Asset Advisory Committee, for his efforts in promoting solutions and looks forward to the successful implementation of the President’s crypto agenda.

According to senior reporter Sander Lutz of crypto media Decrypt, the White House initially hoped to reach an agreement on stablecoin yield issues by the end of this week. However, a banking industry insider directly involved in the negotiations said that goal will not be achieved. The current divide between the crypto industry and banking lobbying groups over whether stablecoins should generate yields remains significant. This dispute has become a major obstacle to advancing the Crypto Market Structure Bill and directly opposes Coinbase CEO’s stance that stablecoins should be able to generate yields for users.

Previously, ChainCatcher reported that David Sacks, head of crypto and AI at the White House, stated that the crypto industry has made significant concessions on stablecoin yields, and banks should respond accordingly.