Crypto Bill Clash: Coinbase Rejects CLARITY Act Changes On Stablecoin Yields
Cryptocurrency exchange Coinbase has reportedly told Senate offices it cannot support the latest language inserted into the CLARITY Act, dealing a fresh setback to negotiations over the anticipated crypto market-structure bill. The dispute centers on newly revised provisions governing stablecoin yield arrangements, a key point of contention that has been the subject of months of talks on Capitol Hill. Coinbase Says No To Late‑Stage Compromise The Senate’s updated text would constrain how stablecoin yield programs operate, limiting structures that try to mirror bank deposit products and....
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After the country’s first stablecoin bill (the GENIUS Act) passed last year, the proposed crypto market structure bill, the CLARITY Act, faced significant delays in the US Congress, particularly due to growing opposition from the traditional banking sector. In this climate, Coinbase’s Chief Policy Officer, Faryar Shirzad, has outlined five critical recommendations on what Congress […]
The Celsius CEO is also seeking clarity for similar products while Mark Cuban advises going on the offensive. Support for Coinbase and its CEO, Brian Armstrong, has been pouring from the crypto community since the company disclosed in a regulatory filing on Wednesday that it had received a Wells notice from the U.S. Securities Exchange Commission. The regulator has threatened to sue the exchange over its proposed Lend program, which would offer 4% interest on customer holdings of the USDC stablecoin. Company CEO Brian Armstrong took to Twitter on Sept. 8 to vent his dismay over the lack of....
The Blockchain Association led a broad industry push this week, asking Senate Banking leaders to resist efforts that would widen a ban on stablecoin yields beyond what Congress wrote into law. Related Reading: Coinbase Escalates Regulatory Fight With Lawsuit Against 3 States According to the association, the letter was signed by more than 125 crypto […]
In a positive development for the crypto industry, the Florida State Senate has passed a bill to create a regulatory framework for stablecoins at the state level. This move comes amid the struggles to enact a broader crypto market structure bill in the United States. Florida Creates Stablecoin Framework With New Bill In a Friday, […]
The anticipated crypto market structure bill, or namely the CLARITY Act, designed to provide essential regulatory clarity for digital assets in the United States, is approaching critical dates in the Senate. However, it faces significant complexities related to stablecoin yield, conflicts of interest, and decentralized finance (DeFi). Senate Divided On Crypto Market Structure Bill Legal […]