White House Advisor Warns of Harsher Treatment for Cryptocurrency Industry

The cryptocurrency market is under immense pressure as a top White House advisor issues a warning to industry players about the potential consequences of obstructing the Clarity Act compromise. The advisor, who has previously expressed optimism about the bill's passage, has now expressed frustration with the ongoing delays and concerns that future administrations may adopt a more hostile stance towards critical industry pillars.

Coinbase, the largest US cryptocurrency exchange, has once again declined to support the updated legislative draft due to provisions that would prevent crypto platforms from paying yield on stablecoin holdings. The bill's provisions have been criticized by traditional banks, which argue that stablecoin yields would drain deposits from their institutions.