White House considers withdrawing support for crypto bill due to Coinbase's unilateral action.

The White House is upset with Coinbase's unilateral action in refusing to support the CLARITY Act, a cryptocurrency market structure bill. The White House considers Coinbase's move a "sucker punch" and believes one company cannot represent the entire industry. The White House will consider withdrawing support for the bill if Coinbase does not return to negotiations to resolve revenue issues and foster industry consensus.