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Coinbase Once Again Rejects Support for Latest Draft of Clarity Act, Disagreement Remains Focused on Stablecoin Yield Provisions
Deep Tide TechFlow News, March 26 — According to The Block, Coinbase has once again told the U.S. Senate this week that it cannot support the latest draft of the Clarity Act, with core disagreements over provisions related to stablecoin yields.
It is reported that a bipartisan compromise plan led by Senators Thom Tillis and Angela Alsobrooks circulated this Monday. The plan proposes to prohibit cryptocurrency exchanges from paying users yields on stablecoin holdings and to further restrict incentive structures by limiting access to trading volume data. Coinbase expressed “serious concerns” about this.
This is the second time Coinbase has withdrawn support. In January, Coinbase previously withdrew support due to a Senate Banking Committee draft that included a ban on stablecoin yields. CEO Brian Armstrong stated at the time that the banking industry was lobbying to suppress competition from crypto platforms.
The regulatory direction regarding stablecoin yields has significant financial implications for Coinbase. The company’s stablecoin-related revenue is projected to reach $1.35 billion in 2025, mostly from revenue sharing arrangements with Circle for USDC. Circle’s stock price has also recently fallen sharply, attributed by Mizuho analysts to legislative deadlock over the Clarity Act.