{"id":5573,"date":"2026-01-13T15:06:33","date_gmt":"2026-01-13T15:06:33","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=5573"},"modified":"2026-01-13T15:06:33","modified_gmt":"2026-01-13T15:06:33","slug":"the-us-senate-could-wipe-out-6-billion-in-crypto-rewards-this-week-by-closing-one-specific-loophole","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=5573","title":{"rendered":"The US Senate could wipe out $6 billion in crypto rewards this week by closing one specific loophole"},"content":{"rendered":"

<\/p>\n

\n

The GENIUS Act banned issuer-paid yield, but the Senate markup fight is whether exchanges can keep routing rewards around that restriction, and the answer could decide who controls $6 billion in annual incentives.<\/p>\n

Senate Banking is scheduled to consider the CLARITY Act on Jan. 15, and the legislative fight has narrowed to a single question with billion-dollar consequences: what counts as a stablecoin \u201creward,\u201d and who’s allowed to pay it?<\/p>\n

Bloomberg reported that Coinbase may reconsider its support for CLARITY if the bill’s language moves beyond disclosure requirements to outright restrict rewards, a signal that the industry’s pro-crypto coalition is testing its own limits as regulatory text gets more specific.<\/p>\n

The backdrop is straightforward. GENIUS, now Public Law 119-27, established a payment stablecoin framework and included an issuer-level prohibition: permitted stablecoin issuers cannot pay holders interest or yield solely for holding, using, or retaining the stablecoin.<\/p>\n

The logic was clear, as payment stablecoins should function as money, not deposit substitutes competing with regulated banks. But GENIUS left open the question of what happens when platforms, exchanges, or affiliates offer rewards funded from their own revenue or structured as loyalty incentives rather than direct yield pass-throughs.<\/p>\n

CLARITY is where that enforcement perimeter gets defined, and the markup will reveal whether Congress treats the issuer ban as a narrow firewall or the start of a broader prohibition that extends to any entity in the distribution chain.<\/p>\n

Definition fight that actually matters<\/h2>\n

Three archetypes of stablecoin rewards exist in the market, and lawmakers are implicitly choosing which ones survive.<\/p>\n

    \n
  1. The first is issuer-paid yield, where the stablecoin issuer shares reserve income directly with holders. GENIUS was designed to block this, and no one disputes that restriction.<\/li>\n
  2. The second is platform-funded loyalty, where an exchange or wallet pays rewards from its own margin or marketing budget to drive adoption or retain balances.<\/li>\n
  3. The third is pass-through T-bill economics, where product design effectively routes reserve yield to users through affiliate structures, partner arrangements, or carefully layered incentive programs that claim independence from the issuer.<\/li>\n<\/ol>\n

    The legislative knife-edge is whether CLARITY treats rewards as a disclosure-only issue or imposes substantive restrictions.<\/p>\n

    If the Senate text lands at disclosure-only, exchanges can plausibly keep rewards alive as consumer incentives, disclosed but unrestricted.<\/p>\n

    If the language tightens into limits, caps, or conditions, then the economics of USDC distribution and on-platform stablecoin balances change entirely.<\/p>\n

    That distinction is exactly why the markup matters beyond the usual legislative theater.<\/p>\n

    \"Stablecoin
    Stablecoin supply could grow from $309 billion currently to $420 billion by 2026 and $4 trillion by 2030 under bullish forecasts.<\/figcaption><\/figure>\n

    Who’s lobbying for what<\/h2>\n

    Banks want the affiliate and partner loophole closed. The American Bankers Association and 52 state bankers’ associations explicitly urged Congress to clarify that the GENIUS prohibition should extend to partners and affiliates, warning of deposit disintermediation and yield-like incentives that bypass the issuer ban.<\/p>\n

    Bank-aligned commenters responding to Treasury’s GENIUS implementation notice went further, arguing that benefits provided directly or indirectly should fall within the prohibition.<\/p>\n

    Their concern is structural: if platforms can offer rewards that function economically like yield, the issuer ban becomes theater while the real competition for deposits happens one layer removed.<\/p>\n

    The crypto industry argues that Congress deliberately distinguished between issuer-paid yield and platform rewards.<\/p>\n

    The Blockchain Association-led coalition argues that the law bans issuer-paid yield while preserving the ability of platforms and third parties to offer lawful rewards and incentives.<\/p>\n

    They warn that expanding the ban would reduce competition, inject uncertainty early in implementation, and penalize exchanges for using their own capital to drive adoption.<\/p>\n

    Coinbase’s economic exposure makes this more than posturing. The company reported $355 million in stablecoin revenue in the third quarter of 2025 and described rewards as a driver of USDC growth, with average USDC balances in Coinbase products around $15 billion during that quarter.<\/p>\n

    Rewards language hits a material revenue line.<\/p>\n

    \"Why\"Why
    Coinbase reported $355 million in stablecoin revenue during Q3 2025, supported by average USDC balances of approximately $15 billion on its platform.<\/figcaption><\/figure>\n

    Why does this fight get harder in 2026<\/h2>\n

    Stablecoins are scaling fast enough that rewards become system-relevant rather than a niche product feature.<\/p>\n

    Stablecoins registered $33 trillion in transaction volume in 2025, up 72% year-over-year, with USDC and Tether accounting for the majority of flows.<\/p>\n

    \n
    \"Stablecoins\"Stablecoins<\/div>\n
    Related Reading<\/span><\/p>\n

    Stablecoins just eclipsed Bitcoin in the one metric that matters, exposing a $23 trillion global fault line<\/h3>\n

    Cross-border flows have finally overtaken Ethereum, proving these tokens are no longer just for crypto gambling.<\/p>\n

    Dec 8, 2025<\/span> \u00b7<\/span> Oluwapelumi Adejumo<\/span><\/p>\n<\/div><\/div>\n

    Bernstein projects that the total stablecoin supply will reach approximately $420 billion by the end of 2026, representing roughly 56% growth from current levels. Citi’s longer-run forecast puts stablecoin issuance at $1.9 trillion in a base case and $4 trillion in a bull case by 2030.<\/p>\n

    \n
    \"BC\"BC <\/div>\n<\/div>\n

    Those numbers matter because they translate directly into the size of the rewards pool at stake.<\/p>\n

    A simple calculation shows the magnitude. At the current supply of nearly $309 billion, a 1.5% to 2.5% annual rewards rate implies annual incentives of $4.6 billion to $7.7 billion.<\/p>\n

    If supply reaches Bernstein’s 2026 forecast of $420 billion, that pool grows to $6.3 billion to $10.5 billion. By 2030, under Citi’s base case, it could reach $28.5 billion to $47.5 billion annually.<\/p>\n

    Those figures assume a moderate reward rate, well below what some platforms currently offer, and reflect the economic battlefield where banks, exchanges, and issuers compete for customer balances and payment flows.<\/p>\n

    Banks are treating this as a deposit war because the numbers justify that framing.<\/p>\n

    Standard Chartered estimated stablecoin adoption could pull $1 trillion from emerging-market bank deposits over roughly three years, with savings usage rising materially by 2028.<\/p>\n

    That projection assumes stablecoins continue to function as quasi-savings vehicles rather than pure transactional instruments, which is exactly what happens when platforms offer rewards that make holding balances attractive.<\/p>\n

    The macro backdrop explains why banks pushed for the affiliate and partner perimeter in their congressional comments, they see rewards as the mechanism that turns payment stablecoins into deposit substitutes regardless of what the issuer does.<\/p>\n

    What to watch at markup<\/h2>\n

    Four questions will determine whether the coalition holds or fractures.<\/p>\n

      \n
    1. Does CLARITY treat rewards as disclosure-only or impose substantive restrictions? Disclosure requirements leave room for platforms to continue rewards programs with transparency. Substantive restrictions would cap, condition, or outright prohibit those programs.<\/li>\n
    2. Does the language apply only to issuers or extend to affiliated platforms, partners, and intermediaries? That’s the explicit ask from banks and the explicit objection from exchanges.<\/li>\n
    3. Does the definition of \u201creward\u201d capture pass-through reserve yield economics, or is it narrow enough that exchanges can route around it through loyalty programs and marketing spend? The Treasury notice comment letters make this the real definitional battleground: whether \u201csolely\u201d becomes a loophole or a clear line.<\/li>\n
    4. What does enforcement look like in practice? Even if markup advances CLARITY, implementation requires rulemakings, agency resourcing, and coordination between Treasury, the Federal Reserve, and prudential regulators.<\/li>\n<\/ol>\n

      The January markup is an opening move, not a finish line, and the regulatory perimeter could shift as agencies interpret the statute and respond to industry structuring.<\/p>\n

      The Bank for International Settlements has already catalogued how regulators globally approach stablecoin yields and rewards, including prohibitions on no-interest or yield arrangements and the policy logic that distinguishes payment instruments from investment products.<\/p>\n

      The European Union and the United Kingdom are moving toward tighter perimeter controls, with financial stability framing, treating stablecoin regulation as systemic rather than experimental.<\/p>\n

      That international context matters because it sets the baseline for what counts as a credible payment stablecoin framework, and whether the US law creates arbitrage opportunities or aligns with global standards.<\/p>\n\n\n\n\n\n\n\n\n
      Issue<\/th>\nDisclosure-only?<\/th>\nSubstantive restriction?<\/th>\nApplies to affiliates\/partners?<\/th>\nRoutes-around possible?<\/th>\n<\/tr>\n<\/thead>\n
      1) Disclosure vs restriction<\/strong><\/td>\nRequires clear consumer disclosures for rewards (rate, source of funds, conditions, revocability) but does not limit<\/strong> offering rewards<\/td>\nCaps\/conditions\/prohibits<\/strong> rewards (or creates \u201cde facto ban\u201d via eligibility, funding, or product-structure limits)<\/td>\nIf yes<\/strong>, it can become a backdoor restriction even if framed as disclosure<\/td>\nHigh<\/strong> under disclosure-only (exchanges can rebrand as loyalty\/marketing); low\u2013medium<\/strong> if restrictions define rewards broadly<\/td>\n<\/tr>\n
      2) Issuer-only vs affiliates\/partners<\/strong><\/td>\nKeeps GENIUS\u2019 issuer-level \u201cno yield\u201d as the main line; platform rewards remain allowed<\/strong><\/td>\nExtends restrictions to platforms, intermediaries, affiliates, partners<\/strong> (banks\u2019 preferred perimeter)<\/td>\nThis is the core switch<\/strong>: explicit extension = broad perimeter<\/td>\nHigh<\/strong> if issuer-only (platform-funded rewards continue); low<\/strong> if affiliates\/partners included (routing collapses into compliance risk)<\/td>\n<\/tr>\n
      3) Broad vs narrow \u201creward\u201d definition (captures pass-through yield?)<\/strong><\/td>\nNarrow definition (e.g., \u201cinterest paid by issuer\u201d) + disclosures \u2192 likely leaves room for \u201cloyalty\u201d framing<\/td>\nBroad definition that captures direct or indirect<\/strong> economic benefits tied to holding\/using\/retaining stablecoins (including coordinated funding \/ pass-through economics)<\/td>\nIf affiliates\/partners are included, a broad definition<\/strong> is what prevents \u201cone-layer-removed\u201d incentives<\/td>\nHigh<\/strong> if narrow (loyalty, rebates, points, fee credits); medium<\/strong> if broad but enforcement light; low<\/strong> if broad + clear anti-evasion language<\/td>\n<\/tr>\n
      4) Enforcement path (rulemaking \/ agencies)<\/strong><\/td>\nHeavy reliance on agency rules\/guidance<\/strong> to specify disclosures, scope, and anti-evasion<\/td>\nStatute hard-codes prohibitions\/conditions; agencies mainly implement<\/td>\nIf enforcement delegates to agencies, partners\/affiliates scope may expand via interpretation even if statute is ambiguous<\/td>\nHigher<\/strong> when rules lag or definitions are vague; lower<\/strong> when statute defines \u201creward\u201d + anti-evasion clearly and agencies coordinate<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      Real stakes<\/h2>\n

      GENIUS established the principle that payment stablecoins shouldn’t pay yield at the issuer level. CLARITY decides whether that principle extends to the entire distribution chain or is limited to the entities holding reserves.<\/p>\n

      If the Senate text restricts platform rewards substantively or expands the prohibition to affiliates, exchanges lose a primary tool for driving adoption and retaining balances. If the text stops at disclosure, the issuer ban becomes a compliance checkpoint while the real economic competition continues at the platform layer.<\/p>\n

      Coinbase’s reported willingness to reconsider support signals that the industry sees this as a line worth defending, not just a negotiating position. The company’s $355 million quarterly stablecoin revenue and emphasis on rewards as a growth driver make clear that restricting platform incentives changes the business model, not just the disclosure burden.<\/p>\n

      Banks’ equally firm push to close the affiliate loophole shows they view platform rewards as the mechanism that turns GENIUS’ issuer ban into a workaround rather than a solution.<\/p>\n

      The markup will reveal which theory of stablecoin regulation prevails: narrow issuer restrictions that preserve platform competition, or broad prohibitions that treat any yield-adjacent incentive as a threat to deposit stability.<\/p>\n

      That choice determines who controls the $6 billion to $10 billion in annual rewards projected for 2026, and whether GENIUS’ \u201cpayment stablecoin\u201d framing holds in practice or becomes a label that obscures economic reality.<\/p>\n

      \n
      <\/div>\n
      Related Reading<\/span><\/p>\n

      Banks are lobbying to kill crypto rewards to protect a hidden $1,400 \u201ctax\u201d on every household<\/h3>\n

      They earn $176B on Fed reserves and $187B in swipe fees, and now they\u2019re lobbying to shut the rewards door.<\/p>\n

      Jan 10, 2026<\/span> \u00b7<\/span> Gino Matos<\/span><\/p>\n<\/div><\/div>\n

      The coalition supporting crypto regulation was built on the premise that clear rules enable innovation. CLARITY’s rewards language will test whether that coalition can survive the specifics of what those rules actually say.<\/p>\n

      \n
      Mentioned in this article<\/span><\/div>\n<\/div>\n<\/div>\n

      Featured,Regulation,Stablecoins#Senate #wipe #billion #crypto #rewards #week #closing #specific #loophole1768316793<\/p>\n","protected":false},"excerpt":{"rendered":"

      The GENIUS Act banned issuer-paid yield, but the Senate markup fight is whether exchanges can keep routing rewards around that restriction, and the answer could decide who controls $6 billion in annual incentives. Senate Banking is scheduled to consider the CLARITY Act on Jan. 15, and the legislative fight has narrowed to a single question<\/p>\n","protected":false},"author":1,"featured_media":5574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[277,783,62,1191,169,78,724,1190,1189],"class_list":{"0":"post-5573","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ethereum","8":"tag-billion","9":"tag-closing","10":"tag-crypto","11":"tag-loophole","12":"tag-rewards","13":"tag-senate","14":"tag-specific","15":"tag-week","16":"tag-wipe"},"yoast_head":"\nThe US Senate could wipe out $6 billion in crypto rewards this week by closing one specific loophole - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"Banks want the \u201caffiliate loophole\u201d closed; exchanges say that turns lawful loyalty incentives into an illegal end-run overnight.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=5573\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The US Senate could wipe out $6 billion in crypto rewards this week by closing one specific loophole\" \/>\n<meta property=\"og:description\" content=\"Banks want the \u201caffiliate loophole\u201d closed; 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