--- type: "Topics" locale: "zh-CN" url: "https://longbridge.com/zh-CN/topics/37736674.md" description: "$Coinbase(COIN.US) reminds Coin holders to pay attention to this Thursday's crypto regulatory legislation review. The current focus of the game is on "stablecoin interest." Although the Genius Act was passed in 2025, banking lobbyists are demanding that this market structure bill close the "stablecoin interest" loophole.According to Coinbase's revenue structure, under the high-interest environment of the past two years, stablecoin interest payments have become Coinbase's highest-quality profit source. Circle issues USDC, and the underlying assets (such as U.S. Treasuries) generate approximately 4-5% risk-free returns. Circle, per the agreement, shares the majority of these returns with Coinbase (as consideration for liquidity provision). Coinbase then distributes a portion of this as "Rewards" (paid by Coinbase as incentives, not interest from the issuer) to users to retain funds.Banking lobbyists are leveraging the follow-up details of the GENIUS Act to try to close this "loophole." They argue: "If issuers cannot pay interest, then trading platforms should not be allowed to pay interest indirectly either." The banks' logic is that "only banks can take deposits and pay interest" because banks are subject to FDIC insurance and stringent capital regulations.Coinbase reacted fiercely, even threatening to no longer support the bill, as once the bill strictly prohibits platforms from paying interest, Coinbase would be reduced to a mere "channel," losing its ability to profit from financial asset deposits." datetime: "2026-01-12T10:28:35.000Z" locales: - [en](https://longbridge.com/en/topics/37736674.md) - [zh-CN](https://longbridge.com/zh-CN/topics/37736674.md) - [zh-HK](https://longbridge.com/zh-HK/topics/37736674.md) author: "[lyhalfway](https://longbridge.com/zh-CN/profiles/3372973.md)" --- > 支持的语言: [English](https://longbridge.com/en/topics/37736674.md) | [繁體中文](https://longbridge.com/zh-HK/topics/37736674.md) # $Coinbase(COIN.US) reminds Coin holders to pay att… ### 相关股票 - [Coinbase (COIN.US)](https://longbridge.com/zh-CN/quote/COIN.US.md) - [Circle (CRCL.US)](https://longbridge.com/zh-CN/quote/CRCL.US.md) ## 评论 (24) - **lyhalfway · 2026-01-12T10:50:46.000Z · 👍 10**: If the interest-bearing of stablecoins is banned, crypto investors still want to obtain risk-free returns, and the stable staking returns of ETH may benefit. - **赚钱的Charlie** (2026-01-12T11:19:46.000Z): That's still good news for our bmnr🥹 - **lyhalfway · 2026-01-15T09:07:59.000Z · 👍 1**: Due to the public opposition from Coinbase CEO, the originally scheduled review on January 15th will be postponed to the end of January, with the core issue still being the conflict over 'stablecoin interest generation'. - **炼金 术士 · 2026-01-12T14:05:57.000Z**: It's also negative for MSTR, right? - **lyhalfway** (2026-01-12T14:16:25.000Z): Stablecoins do not affect BTC, and the passage of the bill itself is positive - **维吾尔人的交易员 · 2026-01-12T12:55:13.000Z**: Has Uncle Yaren recently set up a long call for PLTR? - **lyhalfway** (2026-01-12T13:08:49.000Z): No - **出手金银邓王爷 · 2026-01-12T12:13:43.000Z · 👍 2**: Decentralization is really a joke😂 - **奇迹的交易员cola · 2026-01-12T11:17:43.000Z · 👍 2**: Not just $Coinbase(COIN.US), right? Will this directly affect $Circle(CRCL.US)? 🤔 - **轩、 · 2026-01-12T10:54:54.000Z · 👍 4**: This is also a big negative for encryption - **lyhalfway** (2026-01-12T11:00:36.000Z): The smooth progress of the bill itself is positive, with the focus of the game on stablecoin interest - **轩、** (2026-01-12T11:02:32.000Z): Bro ly, it means that the core business of Coin is earning interest from stablecoins, which has been banned by this bill, but BMNR's ETH staking will not be affected. - **lyhalfway** (2026-01-12T11:04:49.000Z): Well, it has a big impact on Coin's revenue structure - **KK园区交易员 · 2026-01-12T10:54:43.000Z**: Want to top up hood, then wait until Thursday is over first - **退休割割 · 2026-01-12T10:45:17.000Z · 👍 1**: Should we buy some bnnr puts to hedge? - **lyhalfway** (2026-01-12T10:46:53.000Z): The situation of bm is more complicated, with additional factors from the shareholders' meeting - **退休割割** (2026-01-12T10:49:40.000Z): On the 15th, buy some out-of-the-money puts as if they were lottery tickets🌝🌝 - **买的伟大套的光荣 · 2026-01-12T10:39:07.000Z**: If it is blocked, will it benefit the competitor hood? - **lyhalfway** (2026-01-12T10:40:51.000Z): No, this is a victory for traditional finance and a negative for crypto - **Keep + · 2026-01-12T10:34:50.000Z**: Will this have a big impact on the color buckle? Too scared to move when trapped 😫 - **lyhalfway** (2026-01-12T10:38:21.000Z): If interest cannot be paid, it will harm the competitiveness of stablecoins in absorbing funds and also affect Circle - **AngerBird · 2026-01-12T10:33:11.000Z · 👍 2**: The game between encryption and traditional financial institutions... there is a lot of resistance - **lyhalfway** (2026-01-12T10:34:34.000Z): Yes, these are all solid core interests