Coinbase Pushes Back on Stablecoin Yield Prohibition
Coinbase has expressed concerns over the latest version of the Senate's crypto market structure bill, which includes language that could bar exchanges from paying stablecoin yields to users.
The provision, aimed at preventing deposit flight, has been met with opposition from Coinbase, which generates significant revenue from stablecoin yield payments. The exchange's withdrawal of support for an earlier version of the bill in January led to a postponement of a markup vote by the Senate Banking Committee.
Republican Senator Thom Tillis and Democratic Senator Angela Alsobrooks are leading the current round of negotiations, with talks described as ongoing between crypto and banking representatives. The White House has hosted at least three meetings in an attempt to broker an agreement.