On March 26, the Cryptocurrency Market Structure Act (the CLARITY Act) once again faced opposition from Coinbase. Coinbase representatives stated at Senate offices this week that they have not supported the latest version of the legislation, expressing significant 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 this year, Coinbase CEO Brian Armstrong withdrew his support for the legislation for the same reason, stating: "We would rather have no bill than a bad bill."

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

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