Coinbase Chief Legal Officer: The "Clear Act" is "very close" to reaching an agreement on stablecoin yield issues

SmartContractAuditor · 2026-04-02T02:56:16+00:00

Coinbase Chief Legal Officer Grewal stated in an interview that the debate over stablecoin yields is close to reaching an agreement in the upcoming "Clear Act." He emphasized that other key elements of the bill are equally important in driving the United States to become the "global crypto capital" and expressed optimism about the bill's prospects. Despite calls from the U.S. banking industry to restrict stablecoin yields, Grewal believes there is no evidence of deposit outflows. Coinbase and its CEO oppose the restriction, arguing it would impact innovation and consumers.

SmartContractAuditor

2026-04-02 02:56:16

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Odaily Planet Daily News: Coinbase Chief Legal Officer Paul Grewal said in an interview with Fox Business that the debate over stablecoin yield in the upcoming “Clarity Act” is “very close” to reaching an agreement.

Grewal said the bill on crypto market structure is moving forward, even though the debate over stablecoin yield is still ongoing. He said that all parties are gradually coming to recognize that while incentive mechanisms are important, other key elements in the bill are just as crucial for achieving President Trump’s vision of making the United States “the global crypto capital.”

U.S. banking industry players have previously been lobbying to have the “Clarity Act” include provisions prohibiting crypto platforms from paying interest on idle stablecoin balances, arguing that this could cause a large outflow of bank deposits. In response, Grewal said there is currently no evidence that such a deposit outflow has actually occurred, and he noted that the issue of stablecoin yield should not be conflated with other challenges faced by the banking industry.

Grewal expressed optimism about the bill’s prospects, saying he expects the Senate Banking Committee to begin review hearings within the coming weeks, and ultimately hold a full vote.

Coinbase and its CEO Brian Armstrong have previously publicly opposed versions of the bill that would ban rewards for idle stablecoin balances, arguing that such restrictions would stifle innovation in the U.S. and harm consumers’ interests. At the same time, Coinbase’s stock price (COIN), amid a prolonged slump in the crypto market, has fallen 50% over the past six months; on Wednesday, it closed down 0.9% at $172.99.

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