Coinbase chief legal officer Paul Grewal said the US Digital Asset Market Clarity Act is nearing a Senate Banking Committee markup. Speaking on Fox Business, Grewal noted lawmakers are close to resolving the stablecoin yield debate, a key obstacle.
Banks oppose yield-bearing stablecoins, claiming they could destabilize traditional finance. Grewal dismissed those concerns, citing no evidence of risk. The House passed the CLARITY Act in July 2025, but Senate action remains stalled.
President Donald Trump recently blamed banks for delaying the legislation, following a private meeting with Coinbase CEO Brian Armstrong. Armstrong had previously said Coinbase couldn't support the bill "as written" due to provisions restricting stablecoin rewards.
Coin Center’s Peter Van Valkenburgh warned that failing to pass CLARITY could leave crypto vulnerable to future regulatory crackdowns. He emphasized the need for lasting legal clarity beyond current administrations.