Coinbase Policy Head: Final Provisions on Reward Mechanism in CLARITY Act Now Released

On May 2, Faryar Shirzad, Coinbase’s policy head, posted on platform X stating, "The final text regarding the reward mechanism in the CLARITY Act has now been made public. Throughout this process, we have emphasized that this debate is largely based on hypothetical risks rather than real evidence and lacks an understanding of how the crypto industry actually operates. Nevertheless, the crypto industry has actively participated in the discussion. After months of meetings, a compromise was ultimately reached among the White House, U.S. Department of the Treasury, Senate Banking Republicans, Thom Tillis, and Angela Alsobrooks. In the end, the banking sector received more restrictions on rewards, but we preserved a key point—U.S. users can still earn rewards based on the actual use of crypto platforms and networks. At the same time, we ensured that the U.S. can maintain its leading position in the global financial system, which is crucial in the current competitive geopolitical environment. This has significant implications for innovation, consumers, and U.S. national security. With this issue coming to a close, it is now time to shift our focus to the broader content of the bill. During this contentious process, significant progress has also been made in other areas, such as token classification, DeFi, and tokenization. We look forward to reviewing the complete final text and pushing the bill forward. It is time to bring the CLARITY Act to fruition.