Coinbase Power Play Sparks Crypto Rift as Key Bill Gets Delayed

It was a rare White House rebuke to the crypto industry: Don’t take your newfound political muscle in Washington for granted.

A week after Coinbase Global Inc. Chief Executive Officer Brian Armstrong helped stall sweeping cryptocurrency legislation in the Senate, White House crypto adviser Patrick Witt took to X to express his displeasure with Armstrong’s assertion that no bill is better than a bad one. “You might not love every part of the CLARITY Act, but I can guarantee you’ll hate a future Dem version even more,” Witt wrote.

With the bill likely to be delayed for at least several ...