Coinbase, a major cryptocurrency exchange, has informed Senate offices that it opposes recent changes made to the CLARITY Act. This development further complicates discussions surrounding the proposed bill aimed at regulating the crypto market.
The disagreement revolves around recent changes to how stablecoins earn returns, a major sticking point that lawmakers have been discussing for months.
Coinbase Says No To Late‑Stage Compromise
The Senate has revised its proposal to place restrictions on how stablecoin programs earn returns. It would limit arrangements that function like traditional bank accounts and narrow the range of activities these programs can engage in.
The current proposal doesn’t clearly explain how stablecoins that rely on user activity will be categorized, or how rewards earned through transactions will be handled.
Due to ongoing concerns and what many in the industry see as stricter language, Coinbase has told lawmakers they can’t support the latest version of the proposed compromise.
This change represents a significant shift in stance from Coinbase CEO Brian Armstrong, who previously strongly opposed the bill and delayed its progress. While he still has concerns, this move indicates a softening of that opposition.
Industry Split Over CLARITY Act Draft
Reactions to the proposed rules outside of Coinbase have been varied. A leading industry group shared with Crypto In America that the latest version significantly differs from previous conversations with the White House, and feels it places stricter limits on the cryptocurrency industry.
However, a different industry leader said the rules were mostly as expected, finding they offered a reasonable compromise by maintaining incentives for users while also blocking stablecoins that would function like interest-bearing accounts.
From my assessment, this latest draft represents a significant improvement. It appears to be more comprehensive than the initial proposal put forward by Senators Tillis and Alsobrooks, and I’m optimistic that those who deserve recognition will still receive it.
Coinbase stock (COIN) finished Wednesday at $181 a share, which was almost 5% lower than its opening price of over $190.
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2026-03-25 23:47