
The $193 million gamble: Why crypto's biggest legislative push is stuck on one issue
Crypto spent record amounts lobbying for the CLARITY Act. Now it's all coming down to whether Coinbase can pay 3.5% on stablecoin holdings.
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Crypto spent record amounts lobbying for the CLARITY Act. Now it's all coming down to whether Coinbase can pay 3.5% on stablecoin holdings.

The GENIUS Act was signed into law in July 2025. It mandates 1:1 reserve backing, creates federal and state licensing, carves stablecoins out of SEC/CFTC jurisdiction, and bans issuers from paying yield. Circle wins. Tether faces a choice. The compliance deadline is 11 months away.