传Coinbase强硬施压，13亿美元稳定币奖励收入恐遭法案“腰斩”

Core Viewpoint - Coinbase is pressuring 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 severely threaten this business model [2][9]. Regulatory Environment - The upcoming Digital Asset Market Structure Bill is set to enter the revision phase in the Senate, with potential changes that could impact Coinbase's reward system [2][3]. - Current regulatory proposals aim to limit reward issuance to regulated financial institutions, which some in the banking sector support, citing concerns over traditional bank deposit outflows [3][10]. - Coinbase has applied for a national trust license, which would allow it to offer user rewards within a regulatory framework if approved [3][10]. Financial Implications - Coinbase's revenue from rewards is critical, as it shares interest income from user-held USDC with its users, providing a stable income stream during market downturns [4][11]. - The company has a 3.5% reward program through "Coinbase One" to encourage USDC retention, with projections estimating total stablecoin revenue could reach $1.3 billion by 2025 [12]. Legislative Challenges - The ongoing debate over stablecoin rewards is eroding bipartisan support for the market structure bill, with Coinbase warning that it may withdraw support, potentially delaying or derailing the legislation [6][13]. - The GENIUS Act prohibits stablecoin issuers from paying interest on "purely holding tokens," but does not prevent third-party partners like Coinbase from offering rewards [13]. Industry Dynamics - The conflict between the banking sector and the cryptocurrency industry has created a challenging environment for lawmakers, who are under pressure to legislate while facing difficult compromises [14]. - A potential compromise could allow only licensed banks or entities defined as financial institutions to offer rewards on stablecoin balances [14]. - Recent approvals for several crypto companies to become national trust banks have faced backlash from the banking industry, which fears these developments could destabilize the financial system [14].