Coinbase CLO says the Clarity Act is expected to pass this summer, calling on the banking industry to accept a compromise plan for stablecoins

Crypto News: According to The Block, Coinbase Chief Legal Officer Paul Grewal stated that he is “very confident” that the stablecoin legislation, the “Clarity Act,” will pass before this summer, and publicly supports the compromise version proposed by Senators Thom Tillis and Angela Alsobrooks. The plan retains activity-based rewards linked to actual platform usage and restricts idle yield, which banks view as a risk of deposit outflows. Grewal said that during multiple meetings, banks failed to provide substantive evidence of deposit outflow risks and warned that if the compromise is rejected, banks will face a more lenient framework under the “GENIUS Act,” allowing any non-issuer to distribute arbitrary rewards. Grewal expects the “Clarity Act” to be passed by this summer at the latest.