Coinbase(US:COIN) Hua Er Jie Jian Wen·2026-01-15 04:03Core Viewpoint - Bitcoin has recently rebounded strongly to a two-month high of $97,500, just shy of the $100,000 mark, coinciding with the U.S. Senate Banking Committee's upcoming vote on a critical cryptocurrency market structure bill, which faces uncertainty due to intense lobbying between Wall Street banks and the cryptocurrency industry over stablecoin yield rights [1][2]. Group 1: Legislative Context - The bill aims to clarify the regulatory roles of the SEC and CFTC in the cryptocurrency industry and is seen as crucial for the legitimacy of the sector [2]. - Coinbase CEO Brian Armstrong's withdrawal of support for the bill highlights significant opposition, emphasizing a preference for no bill over a poorly constructed one [1][2]. - The stablecoin yield payment issue has emerged as the primary point of contention, with banking lobbyists advocating for a comprehensive ban on yield payments related to stablecoins [3][4]. Group 2: Industry Concerns - Armstrong criticized the bill for potentially imposing a de facto ban on tokenized stocks and allowing government access to users' financial records, which could stifle innovation [4]. - The current draft includes provisions that prohibit cryptocurrency companies from offering rewards related to stablecoin holdings, but it exempts certain rewards from members or incentive programs [3][4]. - The proposed compromise in the Clarity Act, which allows cryptocurrency companies to offer rewards for stablecoin transactions, has not satisfied Coinbase's demands [3][4]. Group 3: Political Dynamics - The inclusion of conflict of interest provisions pushed by Democrats has added political complexity, particularly due to the Trump family's ties to the cryptocurrency industry [5]. - Republican opposition to these provisions could jeopardize the bill's progress, especially if key Democratic supporters withdraw their backing [5][6]. - The Senate Banking Committee is expected to review over 100 amendments, indicating ongoing negotiations and potential changes to the bill [6][7]. Group 4: Future Outlook - The overall sentiment within the cryptocurrency industry is one of concern, as the upcoming legislation could be perceived as worse than having no bill at all [7][8]. - The Senate Agriculture Committee has postponed its cryptocurrency market structure bill, while the Banking Committee is likely to proceed with its review as scheduled [7][8]. - The future of the bill remains uncertain, with significant implications for the cryptocurrency sector's regulatory landscape [7][8].