Editor's PiCK
Coinbase pushes back, steps up pressure over moves to curb DeFi under US 'CLARITY Act'
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Summary
- Bloomberg reported that Coinbase has shared the view that it could reconsider its support for the CLARITY Act if provisions related to DeFi and stablecoins are curtailed.
- Coinbase said that if the bill restricts stablecoin issuers from offering rewards, it could materially affect its existing business model.
- Coinbase’s application for a national trust bank charter and the banking industry’s push to block the workaround through the CLARITY Act are raising the possibility of clashes across the industry, the report said.
As discussions continue in the US Congress over a digital-asset (cryptocurrency) market-structure bill, Coinbase is reportedly ramping up both public and behind-the-scenes pressure against moves to restrict provisions related to decentralized finance (DeFi).
On the 12th (local time), Bloomberg, citing sources familiar with the matter, reported that “Coinbase has internally shared the view that it could reconsider its support for the digital-asset market-structure bill known as the ‘CLARITY Act’ if certain DeFi provisions are barred.”
At the center of the dispute is whether stablecoin rewards will be allowed. Coinbase is said to believe that if the bill limits stablecoin issuers from offering rewards through exchanges or other platforms, it could materially affect its existing business model.
In traditional finance, concerns have been raised that stablecoin rewards and yield products could pull large amounts of money out of the banking system. Some banking groups argue that such structures could lead to deposit outflows totaling trillions of dollars and maintain that related regulations should be tightened.
The issue is set to be formally discussed at a markup session of the US Senate Banking Committee scheduled for this Thursday. The ‘GENIUS Act,’ passed in July, barred stablecoin issuers from providing interest or returns to token holders, but it did not explicitly block the provision of rewards through exchanges or third parties.
Amid this structural gap, Coinbase has applied for a national trust bank charter in the US to secure permission to offer stablecoin rewards within the regulated system. The banking industry, however, is strongly pushing back, arguing that the CLARITY Act should be used to block this “workaround,” raising the possibility of continued clashes between the industries as deliberations on the bill proceed.
