US Treasury Secretary Yellen Slams Coinbase's Opposition to the CLARITY Act as 'Obstinate Stance'

BlockBeats News, February 10th. Recently, U.S. Treasury Secretary Scott Benson publicly criticized Coinbase as a "reluctant participant" on Fox News, as Coinbase opposes the "CLARITY Act." Benson emphasized the need to pass the CLARITY Act multiple times during last week's Senate Banking Committee hearings and used strong language against opponents.

Reportedly, the "CLARITY Act" aims to clarify the regulatory jurisdiction of crypto assets, with SEC and CFTC overseeing different areas. However, Coinbase is concerned that it may restrict business models involving stablecoin rewards, leading to industry discord.