Coinbase CEO Brian Armstrong Says 'Mark It Up' After Reported Compromise On Clarity Act's Stablecoin Yields Clause

Benzinga05-04 11:51

Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong backed legislative advancement of the Clarity Act following a reported compromise on the contentious issue of stablecoin yields. Armstrong quoted...

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The report stated that cryptocurrency firms would be banned from offering rewards that are \"economically or functionally equivalent\" to deposit interest.\nThe new text, finalized by Sens. Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.), directs regulators to propose “a new series of stablecoin regulations,”including the development of a new stablecoin disclosure regime and a list of permissible reward activities.\nArmstrong’s comment carried weight, given that it was Coinbase that withdrew its support for the key cryptocurrency legislation in January over the stablecoin yield issue. As a result, the markup was postponed indefinitely.\n“In the end, the banks were able to get more restrictions on rewards, but we protected what matters – the ability for Americans to earn rewards, based on real usage of cryptocurrency platforms and networks,” Shirzad said.\nJi Kim, CEO of Crypto Council for Innovation, disagreed with the updated text but urged the Senate Banking Committee to promptly mark up the CLARITY Act to establish a comprehensive U.S. digital asset market structure.\nThere has been no official confirmation from Tillis or Alsobrooks so far. Benzinga contacted their offices for a response.\nPrice Action: Coinbase shares closed 1.85% higher at $191.25 during Friday’s regular trading session, according to Benzinga Pro.\nCOIN stock excelled in short-term price gains but underperformed in medium- and long-term horizons, paired with a very low Momentum score, according to Benzinga's Edge Stock Rankings.\nPhoto courtesy: Shutterstock By Thrive Studios ID\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"policyRegulatory","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.1","shortVersion":"4.42.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2632098776","isCrawlerRequest":true}