Market structure bill compromise draws wide-ranging reaction from fractured crypto crowd
A compromise on the stalled Clarity Act market structure bill received mixed reactions from the crypto industry, notably dissatisfaction from Coinbase.Summary
A recent compromise on the stalled Clarity Act market structure bill has elicited varied responses from crypto industry stakeholders, with some pleasantly surprised while others, like Coinbase, expressed dissatisfaction to Senate staff. The proposed agreement, which has not yet been publicly released, reportedly directs regulatory agencies to draft rules for overseeing issues like rewards, potentially restricting firms' ability to tie stablecoin rewards to transaction scale, which could impact programs similar to credit card rewards. Coinbase CEO Brian Armstrong has been a leading voice in negotiations, and his prior opposition to a stablecoin yield compromise previously derailed a Senate hearing. This latest disagreement suggests a fracturing within the crypto community, balancing the cost of giving up certain stablecoin rewards against the risk of losing the bill's establishment of crypto within the U.S. financial system. Despite market volatility following the news, White House crypto adviser Patrick Witt remained bullish, criticizing uninformed predictions about the bill's status.
(Source：CoinDesk)