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Coinbase opposes latest version of CLARITY Act — Punchbowl
Coinbase has refused to support the latest version of the “Digital Asset Market Clarity Act” (CLARITY Act). This was reported by Punchbowl, citing informed sources.
The platform’s leadership expressed “serious concerns” regarding the new proposals introduced by Senators Tom Tillis and Angela Alsobrooks.
Key points of disagreement
The latest version of the bill proposes banning crypto exchanges from “directly or indirectly” paying rewards on stablecoin balances, especially if such rewards resemble traditional bank savings accounts.
Other proposed changes include:
- restricting access to transaction size data, which may limit incentive mechanisms;
- tying rewards to user activity;
- extending the rules to crypto exchanges, brokers, and affiliated entities.
It is expected that the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury Department will define final criteria within a year.
Banks have opposed allowing rewards on idle stablecoin balances, viewing them as a threat to deposits and, consequently, to lending capacity.
Meanwhile, the crypto industry sees yield on stablecoins as an additional opportunity for institutions and a way to enhance flexibility for users. It views banks’ opposition as a barrier to competition.
According to Punchbowl sources, negotiations between the parties will continue.
In January, Coinbase had already withdrawn support for a previous version of the CLARITY Act, citing an imbalance between benefits and risks for the crypto industry.
See also: "$60 billion left South Korean crypto exchanges in six months"
