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

Golden Finance reports that on May 2nd, Coinbase stated that the key disagreements over the terms of stablecoin holding yields have been compromised with traditional banking institutions, clearing obstacles for the U.S. Senate to advance the Crypto Market Structure Bill.
Previously, banks 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 push the “Clarity Act” into a voting process in the Senate Banking Committee, further clarifying the responsibilities of the SEC and CFTC in the regulation of crypto assets.