Coinbase CLO Says Clarity Act Talks Are Near Deal on Stablecoin Yield
Coinbase Chief Legal Officer Paul Grewal said negotiations are close to resolving the stablecoin yield dispute in the CLARITY Act, with a Senate Banking Committee hearing potentially coming in the next few weeks.
Summary
Coinbase Chief Legal Officer Paul Grewal said talks over the stablecoin yield provision in the CLARITY Act are very close to an agreement. He said there is no evidence that allowing stablecoin yield would lead to significant outflows from bank deposits. Grewal also said a Senate Banking Committee hearing could take place in the coming weeks, adding a possible next procedural step as one of the more contested issues in U.S. crypto legislation moves toward resolution.
Terms & Concepts
- Stablecoin yield: Returns or earnings associated with holding stablecoins, including interest-like payments or similar mechanisms tied to fiat-pegged digital assets.
- CLARITY Act: A U.S. legislative proposal focused on digital asset regulation, including debate over how stablecoins and related activities should be treated.
- Senate Banking Committee: A U.S. Senate committee that reviews and advances legislation related to banking, financial markets, and parts of digital asset regulation.