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White House threatens to pull support for crypto bill after Coinbase standoff: Report
📰 sources⭐ 9.0
TL;DR:
Coinbase withdrew support for the CLARITY Act, warning the draft would restrict DeFi, ban tokenized equities and eliminate stablecoin rewards.
Key Points:
Background:
Decentralized Finance (DeFi) refers to financial services built on blockchain networks that operate without traditional intermediaries like banks. DeFi protocols enable lending, borrowing, trading, and earning yield on cryptocurrency assets through smart contracts.
Why It Matters:
DeFi represents a fundamental reimagining of the financial system, offering permissionless access to financial services globally. DeFi developments impact how value is exchanged, stored, and utilized in the crypto ecosystem, driving innovation in financial products and services.