‘Clarity Act will pass this summer’: Coinbase CLO Grewal backs stablecoin compromise, urges banks to accept deal

Coinbase Chief Legal Officer Paul Grewal expressed strong confidence that the Clarity Act will pass before the end of the summer, following a compromise deal negotiated by Senators Thom Tillis and Angela Alsobrooks. The agreement maintains activity-based stablecoin rewards while restricting idle yield, a model banks previously opposed due to deposit-flight concerns. Grewal urged the banking industry to accept the deal, dismissing their deposit-flight arguments as unsubstantiated and warning that rejecting the compromise could lead to less favorable outcomes under the GENIUS Act. Additionally, Grewal commented on the credibility of prediction markets, noting their success in forecasting the 2024 U.S. presidential election.

(Source：The Block)