Coinbase Signals It Could Drop Support for US Senate Market Structure Bill Over Stablecoin Rewards Limits

Coinbase is warning it may pull its support for the US Senate's digital-asset market structure bill if lawmakers expand restrictions on stablecoin rewards beyond disclosure rules ahead of the January 15 markup. Banking industry groups are pressing for broader yield curbs than those in the GENIUS Act, while Coinbase argues that platform-based incentives, which it shares via USDC interest income and a 3.5% rewards offer on Coinbase One balances, are a critical revenue source and strategic tool for maintaining dollar dominance.