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Sources: If Coinbase cannot propose an effective plan to return to negotiations, the White House may consider withdrawing support for the Cryptocurrency Market Structure Act
According to Eleanor Terrett, the White House is considering completely withdrawing support for the Cryptocurrency Market Structure Act unless Coinbase returns to the negotiating table and proposes a yield agreement that satisfies the banking industry.
A source close to the Trump administration revealed that the White House was angry about Coinbase's unannounced "unilateral" action on Wednesday, calling it a "sudden change of stance" for the White House and the entire industry. The source emphasized that the White House believes a single company cannot represent the entire crypto industry and stated, "Ultimately, this is President Trump's bill, not Brian Armstrong's bill."