Coinbase pushback puts US crypto market-structure bill at risk
Coinbase Global Inc. (NASDAQ: COIN) is warning US lawmakers that it may withdraw political support for a major crypto market-structure bill if proposed limits on stablecoin rewards go too far.
The largest US crypto exchange, Coinbase sees customer rewards tied to stablecoin balances as a core part of its business model. However, people familiar with the company’s thinking say that model could be threatened by language being debated ahead of a bill expected to be unveiled Monday.
Lawmakers are preparing to mark up the legislation in at least one Senate committee on Thursday. Meanwhile, industry participants say the most contentious issue is whether platforms like Coinbase can continue offering incentives to customers who hold…
