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