This should be good news for Circle and Coinbase. The original model where Circle gave U.S. Treasury interest to Coinbase, which then directly distributed it to users, might need some adjustments. But the channels are still there—using activity incentives, trading incentives, or incentives on the Base chain are all feasible options. Earning interest on balances also has room for change. As long as it passes the 'equivalence test' (proving it’s not equivalent to bank interest), balances can still serve as a basis for calculating returns. As Coinbase’s CPO said, 'We’ve preserved rewards based on real usage.' The biggest benefit here is regulatory clarity, which provides a foundation and protection for more growth opportunities. Additionally, regulators will issue specific rules within a year, including a list of 'permitted activities.' From a crypto perspective, this can be considered an acceptable outcome.