Coinbase CEO Brian Armstrong announced the company's withdrawal of support for the Digital Asset Market Clarity Act, leading to tensions with the White House. The dispute centers on stablecoin yield regulations that banking groups argue could destabilize traditional financial systems, threatening significant revenue for Coinbase.

The House Agriculture and Financial Services Committees have both voted to advance the Digital Asset Market Clarity Act, which aims to establish a regulatory framework for cryptocurrencies. The bill, which will be merged into a comprehensive legislation, includes provisions for disclosures from digital asset firms and clarifications regarding non-custodial platforms amid ongoing political tensions surrounding Trump's crypto interests.