Coinbase: Has reached a compromise with banks on stablecoin yield terms, and the Senate’s crypto bill is about to move forward imminently

ChainCatcher news: Coinbase said that the key disagreements over stablecoin yield terms have been resolved through a compromise with traditional banks, clearing obstacles for the U.S. Senate to advance the crypto market structure bill.

Previously, banks had lobbied to restrict or prohibit exchanges from offering yields to stablecoin holders, mainly due to concerns that funds would flow out of the banking deposit system. Coinbase Chief Policy Officer Faryar Shirzad said that the final plan, while adding some restrictions, still preserves room for users to earn rewards via crypto platforms and networks based on real-world use cases. This progress is expected to move the “Clarity Act” into the voting process in the Senate Banking Committee, further clarifying how the SEC and CFTC should divide responsibilities for regulating crypto assets.