Coinbase has informed Senate offices that it cannot support the latest revisions to the CLARITY Act, which focus on stablecoin yield arrangements. The updated language aims to limit stablecoin yield programs that resemble bank deposit products, raising concerns over classification mechanisms and transaction-reward programs. This development marks a shift from Coinbase CEO Brian Armstrong's earlier opposition, which had previously delayed the bill's progress. Industry reactions to the revised draft are mixed. While some view the changes as more restrictive than previous discussions with the White House, others believe the provisions strike a balance by preserving rewards while curbing interest-like offerings. Despite the ongoing debate, Coinbase's stock closed at $181, down nearly 5% from its opening price.
Coinbase Rejects Revised CLARITY Act Language on Stablecoin Yields
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