Coinbase Faces a Boycott Storm After Killing the Stablecoin Deal Twice

Coinbase informed Senate offices that it cannot support the latest version of the stablecoin yield compromise within the Digital Asset Market Clarity Act, marking the second time the exchange has stalled the bill over the same issue. This rejection immediately triggered significant backlash across the crypto industry, leading to calls for a boycott against CEO Brian Armstrong on social media. The compromise draft reportedly bans yield on passive stablecoin balances and similar activities, requiring regulators to define permissible rewards within a year—a regulatory uncertainty Coinbase finds problematic, especially given that stablecoin revenue accounted for $1.35 billion in 2025. While Coinbase holds significant political leverage, not all industry stakeholders agree with its hardline stance, with some viewing the compromise as workable. The bill now risks expiring if the Senate Banking Committee does not advance it before late April.

(Source：BeInCrypto)