Coinbase Executives Back CLARITY Act Amid Stablecoin Controversy

Coinbase executives, including CEO Brian Armstrong, have voiced their support for the CLARITY Act, which is aimed at regulating stablecoins and promoting consumer protection in the crypto industry.

The act has been criticized for its limitations on stablecoin rewards, but Coinbase officials argue that it strikes a balance between innovation and regulation. The company's policy team believes that the measure will allow users to earn rewards based on real usage of crypto platforms and networks, while preventing incentives that are economically equivalent to interest payments.

Meanwhile, Ethereum's price continues to struggle due to its weakness against Bitcoin. Analysts have pointed out that the cryptocurrency needs to break above 0.032 BTC to start a stronger move upwards. Despite institutional inflows into Ethereum, including $101.2 million in Spot ETF inflows last week, the cryptocurrency remains under pressure.