Coinbase's stablecoin revenue could see a sevenfold increase under the proposed Genius Act, according to Bloomberg. However, a draft bill may limit this growth by prohibiting yield payments to stablecoin holders, potentially impacting Coinbase's revenue projections.
In other regulatory news, the SEC has granted an exemptive order for the WisdomTree Treasury Money Market Digital Fund. This order allows investors to trade money market fund shares at a fixed $1 price with dealers throughout the day, irrespective of the end-of-day net asset value.
Meanwhile, Terraform Labs' administrator has filed a lawsuit against Jane Street, alleging insider trading that contributed to Terra's collapse. The lawsuit claims Jane Street used nonpublic information to accelerate the downfall of the Terra ecosystem, as reported by the Wall Street Journal.
Coinbase Stablecoin Revenue Faces Potential Restrictions Under Draft Bill
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