Overview
- Senate Agriculture Chair John Boozman postponed his committee’s markup to late January, citing the need to shore up bipartisan support.
- The Senate Banking Committee’s draft would permit activity- or usage-based incentives but prohibit paying yield solely for holding payment stablecoins.
- Coinbase has signaled it may withdraw backing for the CLARITY Act if restrictions go beyond enhanced disclosures for platform-based rewards.
- Banking trade groups urge lawmakers to confine rewards to regulated institutions, warning that yield-bearing stablecoin accounts could drain deposits from community banks.
- Stablecoin incentives are a key revenue stream for Coinbase—Bloomberg estimates about $1.3 billion in 2025—and the exchange has applied for a national trust charter as negotiations continue.