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

Reuters
17 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;))

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