- Coinbase Chief Legal Officer Paul Grewal announced lawmakers are nearing a resolution on disputed stablecoin yield provisions within the Clarity Act.
- Grewal stated there is “no evidence of deposit flight whatsoever” to stablecoins, countering banking sector concerns.
- The bill could advance to a Senate Banking Committee markup within weeks, with prediction markets giving it a 65% chance of being signed into law this year.
Coinbase Chief Legal Officer Paul Grewal stated lawmakers in Washington are “very close to a deal” on the Clarity Act, as detailed on Fox Business. He directly addressed banking fears of deposit flight, asserting, “there has been no evidence of deposit flight whatsoever.” Consequently, Grewal projected the bill could move to a Senate Banking Committee markup “hopefully as soon as in the next few weeks.”
The stablecoin yield debate previously caused the Senate Banking Committee to cancel a session in mid-January. However, Senators Thom Tillis and Angela Alsobrooks later negotiated compromise text, leading to an “agreement in principle” with the White House. Meanwhile, the legislative uncertainty has impacted Coinbase‘s stock, which fell 50% over six months.
Traders on Polymarket now assign a 65% chance the Clarity Act will be signed into law this year. The bill’s failure to pass by May, however, would halt digital asset legislation, according to Senator Bernie Moreno.
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