Coinbase Global Inc (NASDAQ:COIN) and Circle Internet Group Inc (NYSE:CRCL) shares are trading sharply lower Tuesday afternoon after CoinDesk reported that the latest Senate draft of the CLARITY Act would bar companies from paying yield simply for holding stablecoin balances in trading or similar accounts, while allowing only narrow rewards programs that do not resemble interest-bearing bank deposits.
Here’s what investors need to know.
- Coinbase Global shares are retreating from recent levels. Why are COIN shares down?
Industry Insiders View Draft As Restrictive
CoinDesk also reported that the language was viewed by industry insiders as restrictive and unclear, with activity-based rewards still potentially allowed but balance-based rewards effectively …