Coinbase Says Treasury ‘Has No Authority’—What’s The Bone Of Contention?
Posted On November 6, 2025
Coinbase Global Inc. (NASDAQ:COIN) has challenged U.S. Treasury plans for a blanket ban on stablecoin yield, citing overreach under the GENIUS Act.
Coinbase Argues Treasury Exceeds Its Mandate
In a Tuesday letter, Coinbase urged the Treasury to restrict the yield ban only to stablecoin issuers.
The exchange said extending the rule to non-issuers would violate Congress’s intent.
“Congress went no further,” Coinbase wrote, warning that broader restrictions would hurt innovation and stablecoin adoption.
The company argued that the GENIUS Act’s text does not give Treasury power to prohibit interest offered by exchanges …
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