Coinbase(US:COIN) Zhi Tong Cai Jing·2026-01-12 03:42Core Viewpoint - Coinbase is exerting pressure on U.S. lawmakers to retain its ability to offer rewards to users holding stablecoins, fearing that proposed restrictive clauses in an upcoming cryptocurrency bill could jeopardize this business model [1][2]. Group 1: Regulatory Concerns - The upcoming Digital Asset Market Structure Bill may include provisions that could redefine Coinbase's rewards as "deposits," which would eliminate its interest income from stablecoin holdings [1][3]. - Current regulatory proposals aim to limit the issuance of rewards to regulated financial institutions, which some in the banking sector support, citing concerns over potential deposit outflows from traditional banks [1][5]. Group 2: Financial Implications - Coinbase's rewards program, such as the 3.5% incentive for holding USDC, is crucial for maintaining user engagement and generating revenue, with projections estimating stablecoin income could reach $1.3 billion by 2025 [3]. - The potential withdrawal of support for the bill by Coinbase could significantly impact its revenue model and the competitive landscape of the cryptocurrency industry [2][4]. Group 3: Political Dynamics - The cryptocurrency industry has become a major political donor, with Coinbase contributing $1 million to Donald Trump's inauguration, highlighting its influence in the political arena [2]. - The ongoing debate over stablecoin rewards is causing friction within bipartisan support for the legislation, with concerns that it could delay or derail the bill entirely [4][5]. Group 4: Industry Responses - Coinbase has applied for a national trust charter, which would allow it to offer user rewards within a regulatory framework, while other crypto firms are seeking exceptions to maintain their reward models without licenses [2][5]. - The banking sector has expressed strong opposition to cryptocurrency exchanges offering rewards, arguing that it undermines community lending and deposit stability [5].