Coinbase Withdraws Support for the CLARITY Act Amid Stablecoin Reward Ban

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On January 12, U.S. cryptocurrency exchange Coinbase stepped up pressure on U.S. lawmakers to reject a provision in the key CLARITY Act crypto bill that would ban certain decentralized finance (DeFi) elements. Bloomberg, citing people familiar with the matter, reported that Coinbase may reconsider its support for the bill if it restricts stablecoin issuers from offering incentives on platforms like crypto exchanges. The banking industry group worries that stablecoin incentives and yield products could siphon trillions of dollars from the traditional banking system. The GENIUS Act—passed in July 2025—bars stablecoin issuers from providing interest or yield to holders but does not explicitly prohibit third-party platforms (such as crypto exchanges) from offering incentives. The banking sector is now seeking to close this loophole via the CLARITY Act. Stablecoins have become a major revenue driver for Coinbase, contributing nearly $247 million in Q4 2024. The U.S. Senate Banking Committee is expected to take up the issue at its meeting this Thursday. (Cointelegraph)

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