Coinbase is publicly denying any role in a Bloomberg report that connected rival crypto exchange Binance to a stablecoin project allegedly tied to Donald Trump. The company’s top lawyer, Paul Grewal, took to X (formerly Twitter) to shut down speculation, making it clear they weren’t the leak behind the story.

Editor’s Note: In the hyper-competitive and often rumor-driven crypto world, even indirect associations can spark drama or regulatory scrutiny. Coinbase’s quick rebuttal shows how sensitive these companies are to being dragged into narratives—especially ones involving high-profile figures like Trump. For traders and investors, it’s a reminder that behind-the-scenes tensions between exchanges can flare up publicly, even over unconfirmed reports.