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

Golden Finance reported that on April 2, Coinbase Chief Legal Officer Paul Grewal, in an interview with Fox Business, said the debate over stablecoin yield in the upcoming “Clarity Act” is “very close” to reaching an agreement.
Grewal said the crypto market structure bill is moving forward, even though the debate over stablecoin yield is still ongoing. He noted that the parties are gradually coming to recognize that while incentive mechanisms are important, other key elements in the bill are just as crucial to achieving President Trump’s vision of making the United States the “global crypto hub.”
The U.S. banking industry has previously been lobbying to have the “Clarity Act” include provisions banning crypto platforms from paying interest on idle stablecoin balances, arguing that this could cause large-scale outflows of bank deposits. In response, Grewal said there is currently no evidence that deposit outflows have actually occurred, and he pointed out that the issue of stablecoin yield should not be conflated with other challenges the banking industry is facing.
Grewal expressed optimism about the prospects for the bill, saying he expects the Senate Banking Committee to begin review hearings within the next few weeks, and ultimately hold a full vote.
Coinbase and its CEO Brian Armstrong have previously spoken out multiple times against versions of the bill that would ban rewards for idle stablecoin balances, arguing that such restrictions would stifle U.S. innovation and harm consumer interests. Meanwhile, Coinbase’s stock price (COIN) has fallen 50% over the past six months amid continued weakness in the crypto market; on Wednesday it closed down 0.9% at $172.99.