Coinbase accused of “rug pull” as the White House weighs killing the CLARITY Act over yield
The CLARITY Act markup was postponed amid disputes over stablecoin yield rewards, leading to accusations against Coinbase.Summary
The Senate Banking Committee postponed the markup for the CLARITY Act (H.R. 3633) due to ongoing bipartisan negotiations, specifically concerning language that could treat stablecoin rewards as deposit-like yield, which banks argue competes with their funding. Coinbase CEO Brian Armstrong publicly opposed proposed amendments that would "kill rewards on stablecoins," stating they preferred "no bill than a bad bill." This friction intensified after crypto reporter Eleanor Terrett claimed the White House was considering withdrawing support unless Coinbase agreed with banks on yield, labeling Coinbase's actions a "rug pull" against the White House. Armstrong disputed the characterization but confirmed the White House asked Coinbase to seek a deal with banks. The policy stakes are high, as defining "rewards" could significantly impact the multi-trillion-dollar stablecoin market's economics. The immediate future depends on negotiators resolving the yield dispute to reschedule the markup, with potential outcomes ranging from a revised bill to a longer delay.
(Source：CryptoSlate)