U.S. Treasury Secretary Yellen criticizes Coinbase's resistance to the CLARITY Act, calling it a "stubborn participant."

U.S. Treasury Secretary Scott Basset recently publicly criticized Coinbase on Fox News as a "stubborn participant" for opposing the CLARITY Act. Basset emphasized the necessity of passing the CLARITY Act multiple times during last week's Senate Banking Committee hearing, using strong language against the opponents.

It is reported that the CLARITY Act aims to clarify the regulatory division of cryptocurrency assets, with the SEC and CFTC overseeing different areas. However, Coinbase is concerned that it may restrict business models such as stablecoin rewards, leading to divisions within the industry.