$247M at Risk: Coinbase Warns Stablecoin Rewards Ban Could Derail Senate Crypto Bill
Key Takeaways:Coinbase Raises Stakes Ahead of Senate MarkupStablecoin Rewards as a Core Revenue Pillar for CoinbaseBanks Push Back as Crypto Gains GroundPolitical Timing and Regulatory UncertaintyMidterms Could Slow Crypto Legislation
Although the bill passed committee markup, it is unclear whether it will make its way through Congress. According to analysts in Washington, the 2026 midterm elections may put a hold on the passage thus making final passage into 2027 and implementation until just before 2029.
Nevertheless, major Senate figures, who have worked on the bill, have been optimistic that something can be achieved earlier on by presenting the bill as a necessity to keep online asset innovation onshore and within the US jurisdiction.
In the case of Coinbase, time is nearly equal to a thing. The company has already applied a national trust banking charter, which would help the company to have a stronger legal foundation to implement rewards within the existing structures. However, a stricter bill could override that strategy before it bears fruit.
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