Coinbase threatened to pull backing for the CLARITY Act unless the Senate avoids imposing limits on stablecoin rewards beyond disclosure rules. The bipartisan bill — passed by the House in July 2025 and scheduled for a Senate Banking Committee markup on January 15, 2026 — aims to clarify SEC and CFTC oversight of stablecoins. Coinbase warned stricter constraints could stifle competition, imperil roughly $1.3 billion in USDC-related revenue, and weaken the U.S. dollar, while banks are lobbying for restrictions to protect community lenders.

Coinbase explicitly threatened to withdraw support if the Senate imposes limits beyond disclosure; the bill is headed to a Senate Banking Committee markup on Jan 15, 2026; Coinbase cited ~ $1.3B in USDC-related revenue at risk and said stricter rules could stifle competition; banks are pushing for restrictions to protect community lenders — all facts from the summary.