TechFlow News, February 28: Faryar Shirzad, Coinbase’s Chief Policy Officer, responded on X to reports that the White House’s goal of reaching an agreement may fall short. He stated that Coinbase—and its CEO, Brian Armstrong—have been actively engaged in negotiations for several months and have proposed multiple potential compromises. Coinbase remains committed to protecting the GENIUS Act and the interests of ordinary Americans. Shirzad also expressed appreciation for Patrick Witt, Executive Director of the President’s Digital Assets Advisory Committee, for his efforts in advancing solutions, and expressed optimism about successfully implementing the President’s crypto agenda.
According to Sander Lutz, Senior Reporter at Decrypt, the White House had originally aimed to reach an agreement on stablecoin yield issues by this weekend. However, a banking industry source directly involved in the negotiations said that goal “will not be achieved.” Significant disagreement persists between the crypto industry and banking lobbying groups over whether stablecoins should be permitted to generate yield—a dispute that has become a major obstacle to advancing the crypto market structure bill. This controversy centers squarely on Coinbase CEO Brian Armstrong’s firm stance that stablecoins should be allowed to generate yield for users.
