US EditionTillis-Alsobrooks Reach Compromise On Stablecoin Yield In ...
The compromise would bar returns tied only to holding stablecoins while allowing rewards for bona fide transactions, and it directs regulators to define the limits.
- On Friday, Senators Thom Tillis and Angela Alsobrooks released a compromise text for the Digital Asset Market Clarity Act, banning stablecoin issuers from offering yield based solely on holding reserves.
- Earlier this year, the legislation stalled as banks opposed rewards that could lure deposits away, arguing stablecoin issuers offering similar services "may inhibit" institutions integral to the American economy.
- Coinbase Chief Policy Officer Faryar Shirzad said the deal "preserves activity-based rewards tied to real participation," while CEO Brian Armstrong urged lawmakers to "Mark it up" on social media.
- New provisions direct the Treasury Department and Commodity Futures Trading Commission to launch rulemaking within one year, defining permissible reward activities versus prohibited yield structures.
- Digital Chamber CEO Cody Carbone welcomed the release as a step toward resolving remaining issues, as firms must now restructure systems from "buy and hold" to "buy and use" models.
23 Articles
23 Articles
‘Go Time’ For Crypto Bill
The US CLARITY Act, which aims to provide the US crypto industry with more regulatory clarity, could now move closer to becoming law after new stablecoin yield provisions were published, according to Coinbase chief legal officer Faryar Shirzad. “It’s time to get CLARITY done,” Shirzad said in an X post on Friday, after US Senator Thom Tillis and US Senator Angela Alsobrooks published the final text aimed at settling the stablecoin yield dispute …
Coinbase and Senate Leaders Reach Breakthrough Compromise on Stablecoin Rewards To Advance Clarity Act for US Crypto Regulation
Coinbase and Senate leaders have reached a compromise on stablecoin reward provisions, resolving a standoff with the banking lobby. The deal prohibits rewards that mimic bank interest but allows for usage-based incentives. This agreement removes a major obstacle for the Clarity Act. Coinbase and Senate Leaders Reach Breakthrough Compromise on Stablecoin Rewards To Advance Clarity Act for US Crypto Regulation.
Channel News Asia
Coinbase says deal reached on key provision of crypto bill
May 1 : Coinbase said on Friday a deal has been reached on a key provision in a landmark crypto legislation that could clear the path for the bill to move forward in the U.S. Senate.• The bill stalled earlier this year because banks opposed a provision allowing stablecoin issuers and crypto firms to offer
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