Coinbase Global Inc. said an agreement has been reached on a key stablecoin yield provision, a development that could help advance long-stalled crypto legislation in the US Senate, reports Reuters.
The dispute over whether crypto exchanges should offer rewards to customers holding stablecoins had previously stalled the bill. Banking groups had pushed for a ban, warning it could trigger deposit outflows from traditional lenders.
The Financial Services Forum, the Bank Policy Institute and Senate Banking Committee Chairman Tim Scott did not immediately respond to requests for comment.
“In the end, the banks were able to get more restrictions on rewards, but we protected what matters — the ability for Americans to earn rewards based on real usage of crypto platforms and networks,” Coinbase chief policy officer Faryar Shirzad said in a post on X.
The agreement could clear the way for broader crypto market structure legislation to advance to a vote in the Senate Banking Committee. The bill would define regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission over digital assets.
Earlier efforts to move the bill, known as the Clarity Act, were derailed in January after Coinbase CEO Brian Armstrong said the company would not support it.
The White House has since been involved in efforts to mediate between banks and crypto firms. It remains unclear whether all outstanding issues have been resolved, although Shirzad said Friday that “lots of progress has been made on other areas,” while Armstrong urged lawmakers to “mark it up.”
Bd-pratidin English/ Jisan
