Trump Administration Tensions with Crypto Industry Escalate Over Stalled Bill

The stalled crypto bill has been at the center of controversy in Washington, with the Trump administration pushing for its passage. However, the president's family business, World Liberty Financial, has expressed reservations about the legislation. The company's co-founder, Zak Folkman, stated that they are 'very much aligned' with Coinbase's approach on stablecoin rewards.

World Liberty Financial has launched its own stablecoin initiative, USD1, which allows users to earn rewards and exchange their assets for fiat currencies. This move is seen as a response to the ongoing debate over stablecoin yields in Washington. Despite criticism from Treasury Secretary Scott Bessent, who has called crypto executives 'nihilists' and 'recalcitrant actors,' World Liberty Financial remains committed to its own vision.

The Trump administration's push for the crypto bill is seen as a priority, with officials holding meetings with Coinbase and other crypto firms to negotiate stablecoin yields. However, it remains unclear whether the bill will pass before the midterm elections slow legislative activity.