Coinbase fought for the Clarity Act. Losing it made them money.
Coinbase spent a year pushing for a crypto market structure bill that would have capped what it pays on stablecoin balances. The bill died in the Senate on September 16. The next day Coinbase raised its USDC reward rate to 3.75% for Coinbase One members.
John D’Agostino, Head of Strategy at Coinbase Institutional, does not dodge it. He tells Scott Melker the company ended up in a stronger economic position and would have traded that away for the law. He also explains why the deposit flight the banks warned about never showed up in the data.
Timestamps
0:00 Why losing the bill helped the exchanges
0:38 What actually killed the Clarity Act
2:04 The yield went up the day after
3:30 The Wall Street Journal story
4:11 Tokenization, IPOs, and the everything exchange
6:05 Paying journalists in minutes instead of 90 days
9:51 The deposit flight that never happened
12:13 An infrastructure bull market, not a price one
13:45 What retail actually gets from going on chain
#Coinbase #ClarityAct #Stablecoins #USDC #CryptoRegulation #YahooFinance
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