Coinbase's Chief Policy Officer Responds to "White House Agreement Goals May Fall Through": Has Committed to Multiple Potential Compromise Solutions on Stablecoin Yield Issues

Coinbase Chief Policy Officer Faryar Shirzad posted on the X platform in response to "the White House's agreement goals may fall short." He stated that Coinbase and the company's CEO Brian Armstrong have been involved in negotiations for months and have committed to several potential compromise solutions. Coinbase's core goal has always been to protect the interests of the GENIUS Act and the general American public. He also thanked Patrick Witt, Executive Director of the President's Digital Asset Advisory Council, for his efforts in pushing for problem resolution and looks forward to the smooth implementation of the President's crypto agenda.

According to senior journalist Sander Lutz from crypto media Decrypt, the White House originally hoped to reach an agreement on stablecoin yield issues before the weekend, but a banking industry insider directly involved in the negotiations stated that this goal would not be achieved. The current divide between the crypto industry and banking lobbyists regarding whether stablecoins should generate yield remains significant. This controversy has become a major obstacle to advancing the crypto market structure bill and directly points to Coinbase CEO's insistence that stablecoins should be able to generate yield for users.

According to previous reports from ChainCatcher, David Sacks, the White House's crypto and AI director, stated that the crypto industry has made significant concessions regarding stablecoin yields, and banks should respond accordingly.