Coinbase Chief Legal Officer Paul Grewal announced lawmakers are "very close to a deal" on the Clarity Act, the crypto market structure bill facing banking sector opposition over stablecoin yield provisions.
Grewal projected the bill could advance to Senate Banking Committee markup within "the next few weeks." He dismissed banking concerns about deposit flight to stablecoins, stating "there has been no evidence of deposit flight whatsoever."
The controversy over stablecoin yield limits previously forced the Senate Banking Committee to cancel a planned session in January. Senators Thom Tillis and Angela Alsobrooks negotiated compromise text in late March, reaching agreement with the White House.
The legislation carries major implications for Coinbase, whose stock has fallen 50% over six months amid regulatory uncertainty. Prediction markets show growing confidence, with Polymarket giving the Clarity Act a 65% chance of passage this year.
The bill must pass by May or face legislative delays, according to Senator Bernie Moreno. Offshore competitors currently offer stablecoin yield products that domestic exchanges like Coinbase cannot provide under current regulations.