US crypto firms pressure Senate over CLARITY Act and market‑structure bill

The White House is threatening to withdraw its support for a crypto market‑structure bill unless Coinbase agrees to a yield‑deal that satisfies community banks. Coinbase CEO Brian Armstrong disputed the White House’s characterization of the dispute, saying negotiations remain constructive.

At the same time, a coalition of more than 60 crypto firms—including Coinbase, Kraken and Bitwise—has sent a letter to Senate Majority Leader John Thune urging the Senate to pass the CLARITY Act with the Blockchain Regulatory Certainty Act (BRCA) developer‑protection language intact. The letter emphasizes that clear rules are needed for software developers building decentralized applications and that the provisions help law‑enforcement target illicit activity without stifling innovation. The bill’s odds of passage have slipped amid disagreements over developer protections, ethics language and stable‑coin yield provisions.