Banking Groups Push Ban on Stablecoin Rewards

Senate Banking Committee will markup the bipartisan CLARITY Act next week amid a dispute over stablecoin reward provisions.
Six banking lobby groups, including ABA and Consumer Bankers Association, propose prohibiting any rewards on stablecoin assets.
Coinbase’s chief legal officer Paul Grewal denounced the proposal as anti‑competition, urging continuation of transaction‑based loyalty incentives.
Senators Thom Tillis and Angela Alsobrooks defend a compromise allowing rewards tied to active stablecoin usage, citing innovation.