Coinbase could be days away from resolving one of the last sticking points in the legislative debate over the CLARITY Act in the United States. Paul Grewal, the company’s chief legal officer, stated that an agreement on the language related to rewards on stablecoins within the CLARITY Act could be reached in less than 48 hours. Friday would be the specific day to close one of the most complex issues in the market structure bill currently moving through the Senate.
The core of the dispute revolves around whether crypto companies can offer rewards programs tied to stablecoin use without these being classified as products similar to traditional interest. The GENIUS Act, which established a separate federal framework for payment stablecoins, already prohibits primary issuers from paying conventional interest.
The CLARITY Act seeks to go further and define oversight of digital assets while drawing a line between the SEC and the CFTC, but the language on rewards has stalled its progress by touching both consumer offerings and banking concerns over competition for customer deposits.
Banks have pushed for stricter limits, arguing that offering unrestricted rewards could divert deposits from traditional accounts. An earlier draft aimed to block direct or indirect yields on passive stablecoin balances, while allowing more limited activity-based incentives. That version drew strong objections from the crypto sector, including Coinbase.
Source: https://www.foxbusiness.com/video/6392347797112
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