Coinbase: A crypto legislation agreement has been reached; the Clarity Act is expected to move forward

Crypto World News reports that Coinbase states that Senate negotiators have reached an agreement on a controversial bill related to stablecoin rewards, potentially advancing the Clarity Act for Senate review. Reuters pointed out that the debate centers on whether crypto companies should offer rewards to customers, with banks opposing the idea, arguing it could attract deposit outflows. Coinbase said the new language protects the ability to offer rewards while imposing additional restrictions on rewards similar to bank interest. Coinbase Chief Policy Officer Faryar Shirzad said, “Banks have imposed more restrictions on rewards, but we have protected important provisions.” The compromise was negotiated by Senators Thom Tillis and Angela Alsobrooks, with the agreement requiring regulators to establish disclosure rules for stablecoins and define permissible reward activities. The deal paves the way for the Clarity Act to advance in the Senate, aiming to create clearer U.S. regulations for digital assets.