Seven days between Coinbase's national trust charter approval and Armstrong's "we agree" — call it a coincidence if you want. The "activity-based rewards" carveout that replaced the passive yield ban is mostly semantic anyway; Coinbase already structures USDC incentives through loyalty mechanics. With $1.35B in stablecoin revenue at stake (~20% of 2025 top line), Armstrong was never going to let this bill die — he just needed to extract maximum concessions before signing off.

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