White House Summons Coinbase, Banks to Hash Out Crypto Bill (1)

Lobbying groups and executives representing the banking and crypto industries are planning to meet at the White House on Monday as tempers flare over a contentious piece of digital-asset legislation.

The proposed meeting comes after Coinbase Global Inc.’s Chief Executive Officer Brian Armstrong publicly withdrew his support for a key draft of a long-awaited bill that would reshape crypto market structure.

A compromise that would revive the proposal still hasn’t been hammered out despite nearly two weeks of subsequent negotiations, according to a person familiar with the discussions who asked not to be named sharing private conversations.

Coinbase CEO Brian Armstrong speaks to members of the media on Capitol Hill in Washington on Jan. 15.

Photographer: Aaron Schwartz/Bloomberg

Next ...