Search results for Council of Economic Advisers
Crypto
Coinbase CLO says lawmakers cannot back CLARITY and oppose stablecoin rewards
Coinbase has publicly pressed the U.S. Congress to clarify whether stablecoin rewards will be allowed. Paul Grewal, Coinbase’s chief legal officer, said lawmakers who support the CLARITY Act should also oppose proposals to ban stablecoin rewards. The dispute centres on a Senate compromise that would bar passive yield on stablecoin balances while permitting limited activity-based rewards. Grewal said deposit-flight claims are theoretical, and a White House report estimated a minimal lending impact.
Crypto
U.S. banks-White House clash intensifies as stablecoin interest compromise becomes flashpoint
U.S. banking groups are broadening their Senate lobbying against a CLARITY Act compromise that would partly allow interest-like returns on stablecoins. The proposal being coordinated by senators Thom Tillis and Angela Alsobrooks would ban passive yield on stablecoin balances but allow activity-based rewards. The Consumer Bankers Association has challenged a White House-backed analysis on the effects of an interest ban. The White House has criticised banks’ additional lobbying, while the bill’s timetable remains unclear.
Crypto
U.S. moves to ease tax rules for stablecoin payments, PARITY bill amendment unveiled
The U.S. Congress is moving to cut tax burdens when payment stablecoins are used in everyday transactions, seeking to refine a framework that would allow digital assets to be used much like cash. A revised PARITY bill amendment would limit gain and loss recognition for certain stablecoin sales when a taxpayer’s cost basis is at least 99 percent of the token’s redemption value. It also proposes changes to taxation of staking rewards and includes wash-sale rules for digital assets.
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Crypto
U.S. banking group rebuts White House report, warns interest-bearing stablecoins could pull deposits
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Crypto
US CLARITY Act nears turning point as Trump adviser says most key issues settled
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Crypto
Coinbase backs fast passage of CLARITY bill after call by U.S. Treasury Secretary Bessent
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Crypto
TD Cowen says White House report leaves crypto bill hurdles intact, could get tougher
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Crypto
White House says capping stablecoin yields would raise bank lending by only 0.02 percent