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GateInsights

2026-03-27 10:04:32

Behind the CLARITY Act Deadlock, why did Coinbase halt stablecoin trading twice?

In late March 2026, the U.S. cryptocurrency industry was once again thrust into the spotlight. The key event was that leading exchange Coinbase publicly opposed the latest draft of the "Cryptocurrency Market Structure Act" (CLARITY Act) for the second time, causing a setback in the bill's progress in the Senate. This time, the opposition focus was highly concentrated—on the rights to earnings for stablecoin holders. Unlike before, Coinbase's firm stance not only sparked ongoing clashes with banks and traditional finance sectors but also triggered a rare "boycott storm" within the crypto community. A profound split over industry interests and the overall regulatory framework is now unfolding.

Stablecoin Earnings Clause Becomes a "Deadlock" in the Bill

Recently, Coinbase clearly stated in communications with Senate offices that they could not support the latest draft of the CLARITY Act. The fundamental disagreement lies in the draft's provisions regarding

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