Coinbase Brokers Compromise on Crypto Rewards Clause in Senate Stablecoin Legislation – News and Statistics – IndexBox

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Coinbase announced on Friday that a compromise has been reached on a contentious element of a major cryptocurrency bill, potentially advancing the legislation in the U.S. Senate, according to a Reuters report dated May 1.
The legislation had earlier stalled after banks objected to a provision that would have allowed stablecoin issuers and crypto firms to offer reward-bearing products, which banks feared could draw deposits away and complicate their lending operations.
Coinbase and other large crypto firms argued that the ability to offer rewards was essential for attracting customers and that prohibiting such incentives would be anti-competitive.
Coinbase’s chief policy officer stated on X that while banks secured additional restrictions on rewards, the final compromise preserved the right for Americans to earn rewards tied to genuine use of crypto platforms and networks.
According to Punchbowl News, which reported the finalized text negotiated by Senators Thom Tillis and Angela Alsobrooks, the language broadly bans rewards that are economically or functionally equivalent to interest or yield on an interest-bearing bank deposit. The same report said the text also directs regulators to draft new stablecoin rules, including a disclosure framework and a list of permissible reward activities. Reuters was unable to independently confirm that report.
Crypto companies have long operated in a regulatory gray area, which executives say has hampered their businesses. The proposed Clarity Act is designed to establish clear rules that would encourage broader cryptocurrency adoption.
President Donald Trump, who courted cryptocurrency industry support while campaigning and whose family has profited from its own digital token, has made crypto reform a priority in his second term.
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