Coinbase Chief Legal Officer: "Clear Bill" is "very close" to reaching an agreement on stablecoin yields.

In an interview with Fox Business, Coinbase Chief Legal Officer Paul Grewal stated that the debate surrounding stablecoin yields in the upcoming Clarity Act is "very close" to reaching an agreement. Grewal said the crypto market structure bill is progressing, although the debate surrounding stablecoin yields continues. He noted that parties are gradually recognizing that while reward mechanisms are important, other key elements of the bill are equally crucial to realizing President Trump's vision of making the US the "global crypto capital." The US banking industry has been lobbying for the Clarity Act to include provisions prohibiting crypto platforms from offering yields on idle stablecoin balances, arguing that this could lead to a significant outflow of bank deposits. Grewal stated that there is currently no evidence of an actual outflow of deposits and pointed out that the stablecoin yield issue should not be confused with other challenges facing the banking industry. Grewal expressed optimism about the bill's prospects, saying he expects the Senate Banking Committee to begin hearings in the coming weeks and ultimately hold a full vote. Coinbase and its CEO Brian Armstrong have repeatedly publicly opposed bills that would ban rewards for idle stablecoin balances, arguing that such restrictions would stifle innovation in the United States and harm consumers. Meanwhile, Coinbase's stock price (COIN) has fallen 50% over the past six months amid a continued downturn in the crypto market, closing down 0.9% at $172.99 on Wednesday.