Coinbase CLO: The Clarity Act is expected to pass this summer, calling for the banking industry to accept a compromise on stablecoins
According to The Block, Coinbase Chief Legal Officer Paul Grewal stated that he is "very confident" that the stablecoin legislation, the Clarity Act, will pass before this summer, and publicly supports the compromise version proposed by Senators Thom Tillis and Angela Alsobrooks.
The proposal retains activity-based rewards linked to actual platform usage and limits balance-based idle yield, which banks view as a risk of deposit outflow.
Grewal mentioned that banks failed to provide substantial evidence of deposit outflow risk during multiple meetings and warned that if the compromise is rejected, banks will face a more lenient framework under the GENIUS Act, which allows any non-issuer to offer any rewards. Grewal expects the Clarity Act to pass by this summer at the latest.
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