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Coinbase Policy Chief Says CLARITY Act Rewards Language Is Now Public

According to Coinbase, a compromise on stablecoin rewards with traditional banks could help move the CLARITY Act toward a Senate Banking Committee vote while preserving some user rewards through crypto platforms and networks.

Fact Check
The claim is directly and comprehensively confirmed by the primary source: a post from Faryar Shirzad's own X account (@faryarshirzad, published 2026-05-01T21:23:03Z) explicitly announces that 'The final rewards text in the CLARITY Act is now public,' identifies the negotiating parties (White House, U.S. Treasury, Senate Banking Republicans, Tillis, Alsobrooks), and confirms both that banks secured more restrictions and that crypto platforms preserved rewards based on real usage. The @DoCryptoBred post corroborates the Punchbowl News angle, specifying the 'economically or functionally equivalent' to deposit interest standard. The SolanaFloor posts (2050322172254830958 and 2050330762621374788) further corroborate the Punchbowl News reporting and Shirzad's statement. Galaxy Research's April 2026 CLARITY Act update confirms the broader legislative context. All key elements of the claim — Shirzad's role as Coinbase Chief Policy Officer, the CLARITY Act rewards language going public, Punchbowl News as a reporting source, bank-backed limits on stablecoin-style interest, and preservation of some crypto platform rewards — are substantiated.
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Summary

Coinbase said a key dispute over stablecoin holder rewards has been resolved through a compromise with traditional banks, potentially clearing the way for the Senate to advance the CLARITY Act. The final plan adds some limits to stablecoin yield terms while preserving room for users to earn rewards through crypto platforms and networks. Earlier reporting had said banks secured tighter restrictions on rewards that resemble deposit interest, while the bill still allows some crypto-platform incentives tied to real use cases. The legislation is also intended to clarify regulatory boundaries between the SEC and CFTC, and the latest development could help the measure reach a vote in the Senate Banking Committee.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value, typically by being pegged to a fiat currency such as the U.S. dollar.
  • CLARITY Act: A U.S. digital asset bill referenced in the source that includes rules on crypto rewards and seeks to define regulatory oversight.
  • SEC and CFTC: The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission, the two regulators whose respective authority over digital assets the bill would clarify.