Coinbase denies White House threatened to withdraw support for crypto bill
Coinbase has publicly denied reports that the White House threatened to withdraw support for bipartisan U.S. legislation favorable to the cryptocurrency industry. The exchange said the story — which alleged pressure from the administration that could derail the crypto bill — was inaccurate and based on anonymous sources. Coinbase stressed it remains engaged with lawmakers and regulators on the bill and broader industry policy. The report had raised concerns among crypto stakeholders about potential political obstacles to legislation that aims to provide clearer rules for digital assets and exchanges. Coinbase’s rebuttal seeks to reassure markets and lawmakers that advocacy and legislative progress continue, while emphasising transparency in communications about regulatory developments.
Neutral
The news is neutral for markets. Coinbase’s denial removes a significant political risk that could have undermined bipartisan crypto legislation, which might have been bearish by increasing regulatory uncertainty. By refuting the report, Coinbase reduces short-term panic and preserves the prospect of clearer rules—something generally supportive for long-term adoption. However, the denial does not create new positive catalysts (such as confirmed progress on the bill or regulatory wins), so immediate price impact is likely muted. Traders can expect reduced volatility once the rumor is dispelled, but continued sensitivity to future legislative or regulatory updates. Historical parallels: when major firms publicly countered misinformation about regulatory setbacks, markets often stabilized rather than rallied (e.g., past disputed reports around SEC actions). Therefore classify as neutral—removing downside risk but not adding fresh upside impetus.