Coinbase: Has reached a compromise with banks on stablecoin yield terms, Senate cryptocurrency bill is about to advance

Coinbase stated that a key disagreement regarding the yield terms for stablecoin holdings has been resolved with traditional banks, clearing the way for the U.S. Senate to advance the cryptocurrency market structure bill.

Previously, banks had lobbied to restrict or prohibit exchanges from providing yields to stablecoin holders, mainly concerned about funds flowing out of the banking deposit system. Coinbase's Chief Policy Officer Faryar Shirzad indicated that the final plan, while adding some restrictions, still preserves the space for users to earn rewards through crypto platforms and networks based on actual use cases. This progress is expected to push the "Clarity Act" into the voting process in the Senate Banking Committee, further clarifying the division of responsibilities between the SEC and CFTC in the regulation of crypto assets.