Coinbase Secures Agreement on Key Crypto Market Bill Provision

Coinbase Global Inc. has announced that an agreement has been reached on a key provision in the Crypto Market Bill. The legislation, which aims to establish market structure regulations for the cryptocurrency industry, had stalled earlier this year due to disagreements over stablecoin rewards.

The banks, who were concerned that allowing crypto exchanges to offer rewards to customers for holding stablecoins could lead to deposit flight at traditional lenders, had pushed for a ban on such rewards. However, according to Coinbase's chief policy officer Faryar Shirzad, the company was able to protect Americans' ability to earn rewards based on real usage of crypto platforms and networks.