Coinbase again declines to support updated Clarity Act draft: report

Coinbase, the largest U.S. cryptocurrency exchange, has informed the Senate that it cannot support the newest version of the Clarity Act, which includes a compromise aimed at addressing banks' concerns regarding stablecoin yield. The exchange expressed "significant concerns" about the latest provisions, led by Senators Thom Tillis and Angela Alsobrooks, which would prevent crypto exchanges from paying rewards on stablecoin balances and restrict access to transaction size data. Banks strongly oppose yield on idle stablecoin holdings, fearing deposit flight, while the crypto industry argues it expands customer flexibility. Coinbase had previously withdrawn support for an earlier draft in January, with CEO Brian Armstrong citing lobbying efforts by banks. The outcome is crucial for Coinbase, as stablecoin revenue, largely tied to its USDC partnership, represented $1.35 billion in 2025. Despite White House efforts to broker a compromise, discussions remain active, with some lawmakers working to protect stablecoin rewards while preventing deposit flight.

(Source：The Block)