Trump Backs Coinbase Position to Advance Crypto Legislation
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.IMPASSE:Discussions around crypto legislation has hit an impasse as banks said they could not back a compromise pushed by the White House, Reuters. This development has cast doubt on whether the bill will be passed and criticism from President Donald Trump who accused lenders of working to undermine it. The Clarity Act bill is meant to create clear regulations to promote cryptocurrency adoption, but the bill stalled in January after banks opposed a provision to allow stablecoin issuers and crypto firms to offer yield-bearing products and other rewards. The White House stepped in to broker a deal last month, introducing a compromise that would allow stablecoin rewards in some circumstances but not on idle holdings, four people familiar with the discussions told Reuters. Crypto companies have agreed with the compromise, but banks said they cannot support it, two sources added. Publicly traded companies in the cryptocurrency space include Bit Digital, Bitfarms, Circle Internet, Coinbase, Core Scientific, Greenidge Generation, Mara Holdings, Riot Platforms, Strategy, Stronghold Digital Miningand TeraWulf. Publicly traded companies in the banking space include Bank of America, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, U.S. Bancorpand Wells Fargo.LOBBYING CLASH:President Donald Trump met with CoinbaseCEO Brian Armstrong before backing the company's position in a lobbying clash with banks, Jasper Goodman of Politco, citing two people with knowledge of the matter. After the meeting, Trump wrote on social media that, "need to make a good deal with the Crypto Industry" in order to advance digital asset legislation and added that a crypto law is "being threatened and undermined by the Banks, and that is unacceptable." The policy clash is centered on whether crypto exchanges should be allowed to offer rewards programs that pay an annual percent yield to owners of digital tokens known as stablecoins.ELECTRICITY COST:Google, Microsoft, Meta, Amazon, and other AI companies signed a pledge at the White House agreeing to bear the cost of new electricity generation to power data centers, Jarrett Renshaw and Laila Kearney of Reuters. "This means that the tech companies and the data centers will be able to get the electricity they need, all without driving up electricity costs for consumers," Trump said at the event.OIL FROM VENEZUELA:President Donald Trumpon Truth Social, "Delcy Rodriguez, who is the President of Venezuela, is doing a great job, and working with U.S. Representatives very well. The Oil is beginning to flow, and the professionalism and dedication between both Countries is a very nice thing to see!"NETFLIX DEBT:Paramountmay have won the battle for Warner Bros. Discovery, but President Donald Trump continues to bet on the financial stability of Netflix, The Hollywood Reporter's Alex Weprin. As Paramount sought to pry Warner Bros. away from the streaming giant, Trump was adding more Netflix bonds to his personal portfolio, financial disclosures released by the White House on Wednesday show. The disclosures show that President Trump bought between $600,000 and $1.25M worth of Netflix debt in January, adding to the $500,000 to $1M in Netflix bonds that he purchased in December, shortly after Netflix's megadeal for Warner was announced, the author notes.
