Coinbase, the leading US Bitcoin (BTC) and cryptocurrency exchange platform, has increased pressure on Congress to protect its reward offering to users who hold stablecoins.
According to people close to the company, the exchange May withdraw support for CLARITY bill Whether the final document includes a prohibition on these financial incentives.
This conflict means that the bill, which will be considered in a Senate committee on January 15, Restrict return payments to regulated financial institutions only.
This measure is being driven by the traditional banking sector and aims to prevent deposits from migrating to the Bitcoin ecosystem and other digital assets.
In the case of Coinbase, Compensation represents a pillar of the business model. This is a reminder that the company offers up to 10% interest on USDC loans, a stablecoin issued by Circle.
“Any restrictions[on stablecoin rewards]would impact the competitiveness of the sector,” the analysts said.
The CLARITY Act, pushed by senators like Cynthia Lummis and Tim Scott, seeks to define whether the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC) oversees each digital asset.
As reported by CriptoNoticias, Sen. Lummis expressed optimism for a bipartisan consensus to bring transparency to the Bitcoin market, but Coinbase’s stance remains creating unexpected tensions in the legislative process.
The outcome of this discussion on January 15th is that digital currency platforms Can continue to compete directly with traditional banking services In requesting a return.