Crypto Market Structure Bill compromise sparks industry divisions Coinbase expresses dissatisfaction with stablecoin income terms

The compromise proposed by U.S. senators this week on the gains of stablecoins in the ClarityAct has sparked mixed reactions within the crypto industry. Coinbase has expressed dissatisfaction with the latest compromise text to Senate aides, but has not publicly stated its opposition. The plan was presented to crypto industry stakeholders on Monday, with some expressing dissatisfaction and others saying the results were better than expected. The proposal will instruct some regulators to formulate rules to clarify how income-based activities are regulated, but the industry is concerned that regulators may set subjective standards. In addition, the text could limit companies 'ability to link rewards to the size of stablecoin transactions. During this week's industry conference call, Coinbase disagreed with others, with some companies arguing that abandoning certain stablecoin rewards would be costly and others arguing that losing the ClarityAct's overall legislative framework would be more risky for the crypto industry. Previously, news of the compromise plan had an impact on the market, with Circle shares falling 20% on Tuesday and recovering slightly on Wednesday. White House encryption consultant Patrick Witt criticized the predictions on Platform X for being "unaware" and said "everything will be resolved." The final text is expected to be released this weekend or early next week.