Coinbase pulls support for CLARITY Act draft and Senate markup is postponed

Coinbase CEO Brian Armstrong withdrew Coinbase's support for the Senate's latest CLARITY Act draft late on Wednesday, January 14, hours before the Senate Banking Committee markup. The markup was postponed, leaving the timing of the crypto market-structure bill uncertain. A source close to the administration told The Block the White House was furious and might abandon the bill unless Coinbase returned to talks.

• Coinbase withdrew support hours before the scheduled Senate Banking markup
• The markup was postponed; bill timing is uncertain
• Reported White House anger; a source said the administration may abandon the bill
• Dispute centred on stablecoin yield language