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BREAKING NEWS FROM BSCNews:
Coinbase (COIN) stock price plummeted after the exchange officially rejected the latest yield stablecoin agreement proposed by the U.S. Senate!
Coinbase has just informed Senate offices that they cannot support the new provisions in the CLARITY Act bill that ban all passive yield on stablecoins, allowing only activity-based rewards, and applying a broader “economic equivalence” standard than before.
This is the second time Coinbase has strongly opposed the bill, though not as harshly as CEO Brian Armstrong’s statement in January. Without Coinbase’s support, passing the bill faces significant hurdles. Senator Moreno warned: if not passed before May, the bill will be “dead” indefinitely.