Coinbase CLO Grewal says Clarity Act ‘very close’ to reaching deal on stablecoin yield
Coinbase's CLO Paul Grewal believes a deal on the Clarity Act, regarding stablecoin yield, is imminent despite banking sector lobbying.Summary
Coinbase Chief Legal Officer Paul Grewal stated that the U.S. Clarity Act is nearing a deal, despite ongoing debate over stablecoin yield. Grewal argued that there's no evidence of deposit flight from banks due to stablecoins, countering arguments from the banking sector which seeks to prevent crypto platforms from offering yield on idle balances. He emphasized the importance of rewards and fulfilling President Trump's vision of the U.S. as a crypto capital. Coinbase and CEO Brian Armstrong oppose restrictions on stablecoin yield, believing it would stifle innovation. Despite a 50% stock decline in the past six months, Coinbase remains focused on long-term crypto infrastructure development and improving the financial system for Americans.
(Source：The Block)