Coinbase Global is escalating pressure on U.S. lawmakers regarding a major crypto bill scheduled for unveiling on January 12, 2026. The central conflict involves the company's ability to offer rewards on stablecoin holdings.
One proposal under consideration would restrict this practice to regulated financial institutions. Sources indicate Coinbase may withdraw support for the digital-asset market-structure bill if restrictions exceed enhanced disclosures for these rewards.
These limitations are a significant concern because rewards offered for holding stablecoins, such as USDC, represent an important revenue stream for Coinbase. The banking industry advocates for these restrictions, arguing that yield-bearing stablecoin accounts draw deposits away from traditional banks.
Separately, Coinbase announced an operational update concerning the Maker (MKR) token. The exchange will support the migration of MKR to SKY, suspending MKR trading and transfers starting January 12.