According to Needham Research, proposed amendments to Canada's Clarity Act could potentially restrict how stablecoin rewards are distributed, posing significant risks to centralized platforms like Coinbase. A key concern is that exchanges may be prohibited from offering passive income to stablecoin holders, which has been a primary driver of user growth for Coinbase. In contrast, decentralized finance platforms may not be as significantly impacted, as their rewards are typically classified as "active income." While the scope of final regulations remains unclear, Needham notes that stablecoins like USDC already exist outside centralized platforms, which may limit its broader impact.