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Coinbase: Stablecoin compromise paves the way for U.S. crypto legislation
Coinbase Global Inc (NASDAQ:COIN) announced on Friday that a breakthrough agreement has been reached on stablecoin yield provisions, potentially resolving a months-long legislative deadlock in the U.S. Senate.
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The compromise addresses the controversial “rewards” feature, which had previously blocked progress on comprehensive digital asset market structure legislation.
Legislative path cleared for market structure vote
The dispute centered on whether crypto exchanges should be allowed to offer customers interest-like rewards for holding stablecoins.
Traditional banking institutions had strongly lobbied for a complete ban on these incentives, citing concerns about “deposit outflows,” where consumers might shift capital from traditional bank accounts into higher-yielding digital assets.
Under the new agreement, banks secured stricter limitations on rewards for crypto stablecoins, although the fundamental ability for platforms to offer them remains intact.
Faryar Shirzad, Chief Policy Officer at Coinbase, stated that the agreement protects the rights of American users to earn rewards based on genuine platform and network usage.
The consensus is expected to advance the broader cryptocurrency market structure bill toward a critical vote in the Senate Banking Committee.
The legislation is intended to provide long-awaited clarity by defining the specific regulatory jurisdictions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the digital asset ecosystem.
