Catenaa, Friday, January 15, 2026- Coinbase Global may reconsider backing the US crypto market structure bill if it restricts rewards for stablecoin holders beyond enhanced disclosure requirements, according to a Bloomberg report.
The largest US crypto exchange is intensifying lobbying as lawmakers prepare to unveil the bill Monday, with Senate committee markups scheduled Thursday.
Sources said Coinbase views broader limits on platform-based rewards as unacceptable, citing their importance to the company’s business model.
Under the GENIUS Act of July 2025, stablecoin issuers like Circle cannot pay direct interest to users, but third-party platforms such as Coinbase may provide rewards.
The market structure bill under discussion could limit rewards to regulated financial institutions, a move Coinbase opposes while seeking to preserve competition and maintain incentives.
Coinbase partners with Circle, sharing some interest from USDC reserves, and offers rewards such as 3.5% on Coinbase One balances.
Stablecoin-related revenue is projected to reach $1.3 billion in 2025, meaning tighter limits could significantly impact earnings.
Banking groups argue that yield-like crypto rewards could draw deposits from traditional banks, potentially weakening small business and consumer lending, while Coinbase contends global competitors, including China, continue offering digital-currency interest.
The dispute over rewards is straining bipartisan support for the bill, which aims to clarify oversight among agencies including the SEC and CFTC.
The Trump administration has emphasized fast passage of crypto legislation, but tensions with Coinbase could delay or complicate its approval.
