On March 26, the Cryptocurrency Market Structure Act (the CLARITY Act) faced renewed opposition from Coinbase. Coinbase representatives stated in Senate offices this week that they have not supported the latest version of the legislation, expressing major concerns about the latest version of the "stablecoin yield provisions." This is not the first time Coinbase has pushed back on the stablecoin rewards issue. In January of this year, Coinbase CEO Brian Armstrong withdrew his support for the legislation for the same reason, stating: "We would rather have no bill than have a bad bill."

The latest draft of the CLARITY Act explicitly prohibits crypto platforms from providing yield to stablecoin holders, regardless of whether such rewards are provided "directly" or "indirectly," especially when these rewards resemble interest-bearing accounts. Specific provisions include prohibiting the provision of incentives economically equivalent to interest, while allowing limited activity-based rewards.

The Act is designed to clarify how the United States regulates cryptocurrency, with provisions regarding stablecoin rewards becoming a focal point of controversy. Banks have long argued that if stablecoins can offer rewards, it will cause bank customers to withdraw deposits from savings accounts in favor of holding stablecoins that provide higher yields. The crypto industry contends that banks are simply seeking to avoid competition. #Gate正式接入Polymarket