Coinbase Opposes Clarity Act Ban on Stablecoin Interest Payments

The US cryptocurrency exchange Coinbase has expressed opposition to a compromise version of the crypto market structure bill, the Clarity Act.

Under the proposed legislation, paying interest on stablecoin balances would be prohibited, a measure intended to address banks' concerns about the risk of deposit outflows.

However, this provision has sparked tensions between the banking and crypto industries. As a result, concerns are growing over delays in passing the Clarity Act.

US Senator Cynthia Lummis has emphasized the importance of bipartisan agreement for the bill's passage, stating that 'we cannot wait until 2030 for another opportunity to pass crypto legislation.'