A high-stakes regulatory clash over cryptocurrency rewards is unfolding in the U.S. Senate, with Coinbase’s top policy executive warning that proposed restrictions could undermine the dollar’s global standing. As lawmakers debate the CLARITY Act, a fierce battle centers on protecting the GENIUS Act’s stablecoin provisions, which banks are lobbying to curtail. Critics argue this opposition is less about financial stability and more about shielding nearly $400 billion in annual revenue from new competition, a move that could inadvertently accelerate China’s digital yuan ambitions.
about Crypto Rewards Debate: Banks vs. Stablecoins & China's Digital YuanFaryar Shirzad
0 posts last weekStablecoin Rewards Debate Heats Up Ahead of Crypto Bill Vote
As the U.S. Senate Banking Committee prepares for a pivotal markup vote on crypto market structure legislation, the debate over stablecoin rewards has escalated into a defining battle. Banking groups warn these yield-like payments threaten local lending by drawing deposits away from community banks, while crypto industry leaders counter that they are essential for innovation, customer loyalty, and maintaining U.S. competitiveness against rivals like China. With lawmakers promising regulatory “parity,” the resolution of this issue could determine the fate of the landmark bill and shape the future of digital finance in America.
about Stablecoin Rewards Debate Heats Up Ahead of Crypto Bill VoteCoinbase Slams Banks’ ‘Unamerican’ Stablecoin Reward Ban Push
Coinbase has launched a fierce counterattack against major US banking associations seeking to ban merchant rewards for stablecoin payments, calling the proposal “unamerican” and warning it would stifle competition and consumer choice. The clash centers on how regulators should implement the GENIUS Act’s restrictions on stablecoin interest payments, with banking groups pushing to extend prohibitions to third-party benefits while Coinbase argues this overreach would protect banks’ $180 billion in annual card fees at consumers’ expense.
about Coinbase Slams Banks' 'Unamerican' Stablecoin Reward Ban PushCoinbase Denies Corruption Claims Over Trump PAC Funding
Coinbase’s chief policy officer has forcefully rejected corruption allegations from Senator Chris Murphy, who accused the cryptocurrency exchange of being part of former President Donald Trump’s ‘corruption factory.’ Faryar Shirzad defended Coinbase’s political contributions to the Fairshake PAC and 2025 inauguration funding while denying any connection to the SEC’s decision to drop enforcement action against the company. The public confrontation highlights the increasingly contentious relationship between cryptocurrency firms and U.S. political oversight.
about Coinbase Denies Corruption Claims Over Trump PAC FundingBanks Urge Congress to Limit Stablecoin Yields
US banking groups are pushing Congress to restrict stablecoin yields, warning that failure to act could trigger massive customer outflows from traditional banks. Coinbase researchers counter that these concerns are misplaced and ignore the actual utility of stablecoins in today’s financial ecosystem, setting the stage for a pivotal regulatory battle that could shape the future of digital finance in America.
about Banks Urge Congress to Limit Stablecoin YieldsCoinbase & JPMorgan Partner to Expand Crypto Access
Coinbase and JPMorgan Chase unveiled a partnership to integrate crypto services for Chase’s 80 million customers, starting with credit card funding for Coinbase accounts this fall. By 2026, users will gain features like bank account linking and redeeming Chase Ultimate Rewards points for USDC stablecoin on Coinbase’s Base network. The move aims to simplify fiat-to-crypto conversions and onboard traditional banking users into the crypto economy. However, critics highlight high fees for credit card crypto purchases, while JPMorgan’s involvement signals a shift despite CEO Jamie Dimon’s past skepticism. The partnership underscores growing institutional interest in crypto, even as competitors accuse JPMorgan of stifling fintech innovation.
about Coinbase & JPMorgan Partner to Expand Crypto AccessWall Street Closing Bell Analysis & Expert Insights
Bloomberg Television provides in-depth coverage of Wall Street’s closing moments, featuring analysis from leading financial experts. Guests include Jim Bianco (Bianco Research), Betsy Graseck (Morgan Stanley), Faryar Shirzad (Coinbase), and others, discussing market trends, economic outlooks, and investment strategies. This segment is essential for traders and investors seeking real-time perspectives before and after the market closes.
about Wall Street Closing Bell Analysis & Expert InsightsCircle CEO criticizes SEC rule hindering crypto adoption in banking sector
Circle’s CEO Jeremy Allaire criticized SEC regulations, particularly Staff Accounting Bulletin 121, for hindering banks’ adoption of cryptocurrency by imposing financial burdens. He called for the rule’s repeal, hoping for intervention from President Trump, who has previously supported crypto innovation. Industry leaders, including Coinbase’s Faryar Shirzad, echoed Allaire’s concerns, emphasizing the need for a regulatory framework that fosters digital asset integration while ensuring financial system stability.
about Circle CEO criticizes SEC rule hindering crypto adoption in banking sector