Coinbase: Has reached a compromise with banks on stablecoin yield terms; Senate crypto bill advancement imminent

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ChainCatcher reports that Coinbase states the key disagreement over stablecoin yield terms has been resolved through a compromise with traditional banking interests, clearing the way for the U.S. Senate to advance the Cryptocurrency Market Structure Act.

Previously, banking interests lobbied to restrict or prohibit exchanges from offering yields to stablecoin holders, mainly due to concerns about funds flowing out of the banking deposit system. Coinbase Chief Policy Officer Faryar Shirzad said that the final plan, while adding some restrictions, still leaves room for users to earn rewards through crypto platforms and networks based on actual use cases. This development is expected to help move the “Clarity Act” into a voting process in the Senate Banking Committee, further clarifying the SEC and CFTC’s roles in regulating crypto assets.

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