Scoop. The U.S. crypto exchange Coinbase told Senate offices this week that it could not yet support the latest version of a compromise intended to address banks’ concerns about stablecoin yield, according to four sources briefed on the exchange.
Representatives for Coinbase told Senate offices in a Monday meeting they had significant concerns about the latest version of stable yield language, an effort led by Sens. Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.). Talks are active and ongoing.
The resistance from Coinbase — a top American crypto exchange and among the most politically active — is the latest obstacle in the Senate’s long-struggling effort to enact landmark crypto market structure changes.
