Coinbase Pushes Legislative Changes to Protect Stablecoin Rewards
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Legislative Impact: Coinbase is intensifying its lobbying efforts in Washington regarding the CLARITY Act, which could restrict stablecoin issuers and related platforms from offering rewards, potentially affecting the future of decentralized finance and stablecoin reward products.
- Revenue Loss Risk: Stablecoins generated approximately $247 million in revenue for Coinbase, and a ban on rewards tied to products like Circle's USDC could materially impact Coinbase and other major trading platforms' financial performance.
- Banking Industry Opposition: Traditional banking groups warn that widespread stablecoin adoption could divert as much as $6.6 trillion from the regulated banking system, raising concerns about liquidity and financial stability.
- Public Response: The pro-crypto advocacy group
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
