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Crypto

Coinbase raises USDC rewards to 3.75 percent after U.S. Senate stalls Clarity bill

Coinbase raised the USDC reward rate for subscribers to its paid Coinbase One service to 3.75 percent shortly after the U.S. Senate failed to launch consideration of the Clarity bill. The USDC reward is calculated daily based on balances and applies to members holding at least $1 in USDC. The timing drew attention as the bill included separate limits on rewards offered by stablecoin issuers and related services.

Crypto

Clarity bill stalls but 7 U.S. Democratic senators say bipartisan talks will continue

Seven Democratic senators who voted against a procedural motion on the Clarity bill in the U.S. Senate said they would continue bipartisan consultations to advance the legislation. They said the vote did not mean the end of crypto legislative discussions. Democrats cited insufficient safeguards to prevent officials from profiting from crypto businesses, making ethics provisions a key sticking point. Analysts said passage this year remains possible but time is tighter.

Crypto

Ripple CLO reaffirms XRP is not a security after U.S. Senate stalls Clarity Act

Ripple stressed that XRP’s legal status remains unchanged after the U.S. Senate failed to advance the crypto regulation bill known as the Clarity Act. Chief Legal Officer Stuart Alderoty cited a 2023 federal court ruling that XRP is not a security and said the SEC and CFTC in March jointly described XRP as a digital commodity. CEO Brad Garlinghouse called the result painful and said Ripple would focus next on rulemaking by regulators.