‘What the hell?’ — Crypto frustration boils over as stablecoin fight stalls bill

Cryptocurrency industry frustration is escalating due to an ongoing impasse regarding the treatment of stablecoin rewards, which is blocking a broader crypto market structure bill passed by the House last year. The core issue revolves around whether third-party platforms like Coinbase can offer yield on stablecoins, a practice banking advocates oppose, fearing it will siphon deposits from traditional banks. Coinbase previously pulled support for the bill over concerns, including provisions that it claimed would "kill rewards on stablecoins." Despite White House-brokered negotiations, the issue remains unresolved, leading observers like Coin Center's policy director to express exasperation over repeated negotiation cycles. While some industry figures accuse Coinbase of holding up progress, others sympathize, arguing the banks should have addressed yield issues earlier. Coinbase remains optimistic, suggesting a resolution on stablecoin yield language could come within three weeks, contingent on a coordinated counterproposal.

(Source：The Block)