Tiger Brokers

BUZZ-Circle, Coinbase slide after report new Clarity Act draft prohibits stablecoin yield payments

Reuters
2 hours ago
BUZZ-<a href="https://laohu8.com/S/CRCL">Circle</a>, <a href="https://laohu8.com/S/COIN">Coinbase</a> slide after report new Clarity Act draft prohibits stablecoin yield payments

** Shares of stablecoin giant Circle Internet Group CRCL.N and Coinbase Global COIN.O slide 18.4% and 8.3%, respectively

** The newest language on stablecoin yield in the Clarity Act won't allow rewards on balances, CoinDesk reports, citing a person familiar with the current draft

** The report added the latest version would grant rewards programs on a narrow basis as long as they don't resemble the interest from bank deposits in any way

** Talks on the landmark crypto legislation had hit a impasse earlier this year after banks said they could not back a compromise pushed by the White House

** Banks had opposed a provision allowing stablecoin issuers and crypto firms to offer yield-bearing ​products and other rewards that could lure away bank deposits

** As of last close, CRCL up 59.7% and COIN down 11.3%

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10