The CLARITY Act debate over DeFi and stablecoin rewards may delay a Senate markup as Coinbase withdraws support. US Senator Cynthia Lummis expects a delay, with Banking Chair Tim Scott to make the call. Coinbase raised concerns over the bill’s unfavorable provisions, including stablecoin rewards and limiting government access to financial records.

Passing the bill without favorable provisions could impact Coinbase’s revenue, making $247 million from stablecoin revenue and $154.8 million from blockchain rewards in Q4. The Treasury Department estimates stablecoin adoption could draw $6.6 trillion from the traditional banking system. The banking industry advocates against stablecoin rewards due to potential financial impact.

Read more at Cointelegraph.: US Senator Hints Crypto Market Structure Bill May Be Delayed