coinbase

这次的法案动向，对Coinbase和整个加密行业来说，堪称“悬崖边上的反转”——原本一度可能被彻底禁止的稳定币奖励业务，如今似乎又迎来了“豁免”的曙光。我们来拆解下，这场看似枯燥的立法博弈，其实暗藏着几家数字资产巨头的“生死牌局”。
“免死金牌”：Coinbase在风口浪尖上松了口气
美国参议院银行委员会近日公布的加密货币市场结构法案修正版，看似严控“加密交易所发放稳定币奖励”的行为，但其中留了一条关键的豁免通道——
与忠诚度或会员激励计划挂钩的稳定币奖励，可以继续发放。
这就意味着，Coinbase等公司只要把“持币奖励”包装成会员激励的一部分，或许就能合法地延续现有模式。对Coinbase来说，这堪称一枚“定向免死金牌”，毕竟它去年光靠USDC生息分润就赚了约13亿美元。
Coinbase目前的做法是：用户将美元稳定币（USDC）存放在平台中，公司用这些资金赚取利息，再发放一部分利息作为“奖励”。银行体系对此颇为不满——他们认为这是一种绕监管的“类存款业务”，既无准备金要求，也无FDIC保险。Coinbase则坚称这只是促销性质的“用户奖励”，不属于利息。
可以说，这场争论的关键不在钱，而在定义权。谁来决定什么是“存款”、什么算“奖励”，背后往往决定着一个行业的生态和企业的命运。
立法进展：监管权划分与关键分歧
这项法案的核心目标，是为美国的加密货币设立一套明确的监管框架，其中包括：
明确CFTC与SEC的监管边界；厘清“数字商品”的定义（不包括证券、衍生品和稳定币）；要求相关机构注册与合规，为行业提供清晰准则。
参议院银行委员会主席蒂姆·斯科特表态称，这项法案旨在让美国成为全球加密创新中心，为企业创造稳定发展的政策土壤。
不过，法案也不是一帆风顺的。参议院农业委员会的版本中，去中心化金融（DeFi）反洗钱规则被暂时删除，因为两党仍存在分歧。
此外，稳定币储备收益的处理方式、开发者责任、及SEC对代币发行的权限，都仍在激烈博弈中。
TD Cowen的分析更现实——即便今年法案推进顺利，通过时间恐怕要到2027年，真正生效可能得等到2029年。
原因？利益复杂。
有民主党议员希望加入条款，限制总统特朗普及家族成员直接持有或经营加密资产企业，而这显然有政治敏感度。最终，这部分内容或将暂缓三年生效，以换取两党妥协。
Coinbase的“影子外交”
在这一系列立法动作背后，Coinbase的身影无处不在。
知情人士透露，Coinbase正持续与议员沟通，力求保留其奖励业务。一旦法案限制过严，Coinbase可能撤回对法案的支持，这对议案通过势必是沉重打击。
毕竟，在2023-2024选举周期中，加密行业已成为最大企业政治捐款方之一，Coinbase CEO Armstrong向特朗普就职典礼捐赠百万美元——这在华盛顿无疑是一种“影响力资本”。
监管与创新的博弈
从宏观看，这场围绕“稳定币奖励”的博弈，不仅是Coinbase的保卫战，更是美国金融监管模式的试验田。
如何让创新在合规框架内生存，而非被扼杀——这是摆在监管者面前的世纪难题。
而Coinbase的策略，也堪称典型：先在边界上搏命，再用游说打开空间。
如果最终豁免条款落地，这不仅为Coinbase赢得喘息，更可能为整个稳定币行业提供“灰度容身之所”。
加密市场的未来，也许正写在这些看似枯燥的法条之中。
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The "Institutional Giant" is making noise again. In a series of heavy-duty transfers today, January 12, 2026, BlackRock moved 3,143 BTC and 7,204 $ETH —a staggering $300 million+ value—directly to Coinbase Prime.
When the world’s largest asset manager moves this much weight on-chain, it’s never "just a test." This is market-shaping positioning.
🔍 Behind the Institutional "Pipes"
Coming off the back of a volatile first week of 2026, these movements signal that the bridge between TradFi (Traditional Finance) and Crypto is now a high-speed highway. Here is what this move likely represents:
ETF Liquidity Management: As spot Bitcoin and Ethereum ETFs continue to see record volume in 2026, BlackRock must constantly rebalance its "physical" holdings to match investor demand.
The "Maduro" Market Hedge: With geopolitical tensions rising in the Middle East and South America, institutional giants are ensuring their digital gold ($BTC ) is positioned for maximum liquidity.
Settlement Readiness: Moving to Coinbase Prime suggests BlackRock is gearing up for a major week of trading or fulfilling large-scale redemptions.
📈 THE SIGNAL: "VITALIK'S WARNING" vs. WALL STREET
Ironically, this move comes as Vitalik Buterin recently warned about the "centralization risk" if BlackRock continues to dominate the Ethereum supply. While the tech purists are worried, the market is cheering:
$BTC Confidence: Holding steady near $92,000 despite these massive movements.
$ETH Resilience: Proving its "Institutional Grade" status as BlackRock deepens its ETH holdings.
Liquidity Depth: These transfers increase the depth of the market, making it harder for "scams" or "low-liquidity wicks" to crash the price.
💡 TRADER’S TAKEAWAY
The logic is simple: When BlackRock moves on-chain, the market listens. We are no longer in a "Retail-only" playground. We are in the era of the $10 Trillion Asset Manager.
"The pipes between TradFi and crypto are now active and heavy. This isn't just adoption; it's a total structural takeover."
Are you buying the same dip that BlackRock is rebalancing? 👇
Drop a "🏛️" if you’re following the Smart Money!
#BlackRock #BTC #Ethereum #CryptoETF #coinbase

U.S.-based crypto exchange Coinbase is heading toward a direct confrontation with lawmakers. If the new crypto legislation restricts its ability to pay rewards to customers holding stablecoins, the company is threatening to withdraw its support for the bill entirely. That could derail or delay one of the most significant regulatory efforts for digital assets in the country.
The bill — expected to be unveiled Monday and debated Thursday in a Senate committee — aims to set clear rules for digital assets. But Coinbase insists that the regulation of rewards should be limited to transparency requirements, not outright bans or heavy restrictions.

Banks Want Limits — Coinbase Defends Open Market Competition
The draft bill includes proposals that would allow only licensed financial institutions to offer interest or yield on stablecoins, a move strongly supported by traditional banks. They argue that rewards offered by crypto exchanges draw deposits away from bank accounts and undermine their lending capacity.
Coinbase has applied for a federal trust charter, which could eventually give it permission to offer such rewards under stricter oversight. But the company also wants crypto platforms to retain the ability to offer these services without being required to obtain full licensing, warning that tighter rules would hurt fair market competition.

What’s at Stake: $1.3 Billion and USDC’s Market Dominance
For Coinbase, this is more than a matter of principle. Stablecoin rewards are a major source of revenue, especially during bear markets.
In partnership with Circle, the issuer of USDC, Coinbase earns a share of the interest income generated from the underlying reserves. Coinbase promotes USDC actively and currently offers customers a 3.5% yield on holdings through Coinbase One.
If new laws shut down this offering, users may move their stablecoins elsewhere, and according to Bloomberg, Coinbase could lose up to $1.3 billion in annual revenue from this segment.

GENIUS Act Didn’t Solve the Problem — Banks Are Still Pushing Back
The GENIUS Act, passed in July 2025, bans stablecoin issuers from paying interest directly, but still allows external partners like Coinbase to offer rewards based on account balances.
Banking groups say that this loophole diverts deposits away from local banks and weakens access to credit for small businesses, students, and farmers.
“Crypto exchanges aren’t FDIC-insured, don’t offer loans, and don’t take responsibility — but they’re siphoning off our customers,” banks argue.
Coinbase counters that stablecoin rewards help protect the dollar’s global dominance. Chief Policy Officer Faryar Shirzad pointed out that China has already begun testing interest-bearing digital yuan, signaling future global competition.

Trump’s Administration Backed Crypto — but the Bill Is Stalling
Trump’s second term has been crypto-friendly. The GENIUS Act brought the first nationwide rules for stablecoin issuers, prompting even traditional financial firms — and Trump’s own family — to rush into the market. The USD1 stablecoin, launched by World Liberty Financial, debuted just before the law came into force.
Despite this, the broader crypto legislation is now hitting resistance. The battle over rewards has split bipartisan support, and Coinbase’s threat to withdraw adds real pressure to an already fragile process.
Bloomberg Intelligence analyst Nathan Dean now estimates that the likelihood of passing the bill before June 2026 has dropped below 70%.

Seeking Compromise: Regulation Might Become Selective
One compromise under discussion would allow only federally chartered or licensed institutions to offer stablecoin rewards.
Five crypto firms have already secured preliminary approval from the Office of the Comptroller of the Currency (OCC) to become national trust banks — but traditional banking groups strongly oppose this, claiming it undermines the purpose of a charter and poses systemic risks.
Even if restrictions pass, industry insiders believe crypto firms will find new workarounds.
“There’s no world where we can’t reward users for actions inside apps,” said William Gaybrick, president of technology and commerce at Stripe. “If you’re holding stablecoins in an app, that app will find a way to credit you — one way or another.”

Conclusion: Lawmakers Trapped Between Dollar Stability, Banks, and Crypto Innovation
Congress is now caught between pressure from the White House, economic lobbying from crypto companies, and resistance from traditional banks — and the clock is ticking.
Whether lawmakers can deliver a balanced bill that protects consumers, fosters innovation, and preserves the dollar’s strength, remains uncertain.

#coinbase , #Stablecoins , #USDC , #DigitalAssets , #CryptoRegulation

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