Coinbase May Withdraw Support from CLARITY Act: Bloomberg

Coinbase is reportedly pressuring US lawmakers against banning certain decentralized finance provisions in the CLARITY Act, threatening to withdraw its support if the bill restricts stablecoin issuers from offering rewards on crypto exchanges. Banking groups fear stablecoin rewards could siphon trillions from the traditional banking system. Coinbase currently earns significant revenue from these rewards, such as those from USDC, and is seeking a national trust banking charter to potentially navigate existing regulations like the GENIUS Act, which bans issuers from offering yield but not necessarily third parties. The crypto community is actively lobbying against the ban, but the banking industry is pushing for the loophole to be closed under the CLARITY Act. The Senate Banking Committee is scheduled to discuss the matter soon, though the bill's final passage may be delayed until 2027 or 2029.

(Source：Cointelegraph)