“The White House has been super constructive here. They did ask us to see if we can go figure out a deal with the banks, which we’re currently working on.”
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Terrett pushed back publicly after Armstrong challenged her reporting, writing: “My reporting was airtight and accurate.” She continued:
“You also just cited the central point of my story as correct: that the White House asked Coinbase to go secure a deal on yield. My reporting is that WH support now appears to be contingent on that outcome.”
Armstrong responded by posting an educational illustration titled “The Blind and the Elephant” with the subtitle “Our own experience is rarely the whole truth.” It visually represents an ancient parable about subjective perception and limited experience, suggesting multiple perspectives on the same issue.
FAQ ⏰ What did Brian Armstrong say about White House crypto talks? He said the White House has been constructive and is actively working with Coinbase on banking yield issues. Why is Coinbase negotiating with banks? The White House asked Coinbase to seek a yield agreement with banks tied to crypto market structure legislation. What was Eleanor Terrett’s reporting about? She reported that White House support could depend on Coinbase securing an acceptable deal with banks. Why are banks critical in the crypto yield debate? Banks fear competition from crypto firms offering higher yields on fully backed deposits.
