Coinbase and the US Congress have had a heated argument. Last week, a major event occurred in the crypto community: Coinbase, the largest compliant exchange in the United States, Suddenly withdrawing support for the CLARITY bill a few hours before the Senate vote, Directly causing the voting to be postponed. What happened? The US Congress is pushing a cryptocurrency regulatory bill called CLARITY, which was originally a long-awaited "rule clarification" in the industry. But under the lobbying of banks, the Senate quietly added a clause: prohibiting users from simply holding stablecoins to earn profits. The reason is to protect financial stability. You can get 0.1% for depositing in the bank, but not 3.5% for depositing in the cryptocurrency circle. Coinbase earns $1 billion annually from stablecoin revenue sharing, which is equivalent to cutting off a leg. Last week, a few hours before the vote, CEO Armstrong directly withdrew his support, saying, 'I'd rather have no bill than a bad one,' so the vote was forced to be postponed. Why did Congress do this? First, let me tell you something you may not know: You deposit 100 yuan in the bank, and the bank gives you 0.1% interest, earning 1 cent a year. However, when the bank buys treasury bond with your money, it earns 4.5% and 4.5 yuan a year. The middle price difference went into the bank's pocket. Stablecoins have changed this game. When you exchange USD for USDC in Coinbase, Coinbase will also buy treasury bond, but is willing to share 3.5% with you. The same deposit of USD will yield 35 times that of the bank. Of course, the bank is not willing. What's the situation now? The White House is said to be very dissatisfied with Coinbase's "unilateral withdrawal" and demands that they negotiate with the bank themselves. Armstrong's latest statement states that he is trying to find ways to take care of the interests of community banks. But 2026 is a midterm election year, and this bill is likely to be delayed until the end of the year or even 2027. In my personal opinion, the reason why banks use legislation to block your way to earn more interest is because they don't want encryption to snatch away depositors. Coinbase spent so much money lobbying and sending so many of its own people to Congress, At the critical moment, the bank was still able to stuff private goods into the bill in the final stage. It can only be said that if you want to divide the stock cake of the mainstream circle, the cryptocurrency circle still has a long way to go.