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Coinbase Withdraws Support for the CLARITY Act Amid Stablecoin Reward Ban
BlockBeats News, January 12, the U.S. cryptocurrency exchange Coinbase is ramping up pressure on U.S. lawmakers to resist a proposal in a major cryptocurrency bill called the CLARITY Act that would ban certain decentralized finance provisions. Bloomberg cited sources familiar with the matter as saying that if the bill restricts stablecoin issuers from offering incentives on platforms such as cryptocurrency exchanges, Coinbase may reconsider its support for the bill.
The banking industry group is concerned that stablecoin incentives and yield products could siphon trillions of dollars from the traditional banking system. The GENIUS Act, passed in July 2025, prohibits stablecoin issuers from offering interest or yield to holders, but does not explicitly prohibit third-party platforms like cryptocurrency exchanges from offering incentives. The banking industry is currently attempting to plug this loophole through the CLARITY Act. Stablecoins have become a major source of revenue for Coinbase, contributing nearly $247 million in revenue in Q4 2024. The U.S. Senate Banking Committee is expected to discuss this issue at its meeting this Thursday. (Cointelegraph)
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