Coinbase rejects late-stage CLARITY Act changes restricting stablecoin rewards
Coinbase told Senate offices it cannot support the new CLARITY Act draft that tightens stablecoin yield programs. Talks on the market‑structure bill hit a snag.
The Senate’s updated text would narrow stablecoin yield offerings. It targets designs that resemble bank deposits and tightens other permissible activities, per the revised language.
Open questions remain. The draft leaves unclear how to classify activity‑based stablecoins and how to treat transaction‑reward programs, per the same text.
Coinbase relayed its position to lawmakers this week, according to a reporter’s account.
Industry reaction split. One trade association said the draft departs from prior White House discussions and is more restrictive for crypto, per Crypto In America.
Another group leader backed the balance. “This is the best possible result,” the source said, arguing the draft preserves rewards while blocking interest‑like stablecoin products, via the same report.
- Limits on yield programs that mirror bank deposits outlined here
- Narrower scope for other stablecoin activities in the draft
- Unclear treatment of activity‑based and transaction‑reward models still open
