A critical stage has been reached in the regulations closely affecting the cryptocurrency market in the US. Significant progress has been made in negotiations surrounding the bill known as the "Digital Asset Market Clarity Act," and a compromise on stablecoin yields, one of the biggest points of disagreement between the parties, is very close. However, the release of the draft text, expected this week, has been postponed.
Coinbase's Chief Legal Officer, Paul Grewal, stated in his latest remarks that the process is now in its final stages. Grewal said that discussions regarding the yield models offered to stablecoins have largely been resolved, adding, "I think we are very close to an agreement."
While work on the bill continues, a notable shift in the approach of policymakers is also observed. According to Grewal, regulators are now more clearly understanding the need to create a balanced framework that supports innovation but also protects the consumer. This approach is considered critical, especially for the US to avoid falling behind in global crypto competition.
Stablecoin discussions
On the other hand, the tension between the banking sector and the crypto industry has not yet completely disappeared. Banks argue that the returns offered by stablecoins could drive users away from traditional deposit accounts. Therefore, they suggest that crypto platforms should be subject to similar regulations as banks. However, Coinbase opposes these claims. Grewal emphasized that there is no concrete data to support the claim that stablecoins threaten bank deposits, stating that such concerns are based more on theoretical assumptions. While acknowledging that smaller banks are particularly sensitive to this issue, Grewal stressed that policy decisions should not be shaped solely by possible scenarios. In the crypto world, this process is causing diverse reactions. Cardano founder Charles Hoskinson harshly criticized Coinbase, claiming the company is slowing down the regulatory process. According to Hoskinson, Coinbase is focusing on protecting its profits from stablecoin returns rather than a transparent regulatory framework. These criticisms indicate a deepening division within the sector. Meanwhile, the Senate timeline is becoming clearer. The Senate Banking Committee is scheduled to hold a markup session in the second half of April to consider the bill. Senator Cynthia Lummis stated that the disagreement regarding stablecoin yields has been resolved by 99 percent, indicating that the process is moving rapidly. A new compromise proposal presented by Senators Thom Tillis and Angela Alsobrooks is also noteworthy. This proposal would prohibit users from earning yield on passively held stablecoin balances. This step is expected to be a balancing act to address banks' concerns. However, the bill still faces several critical stages. Following committee approval, it needs to be brought to the Senate floor, then harmonized with the House of Representatives version, and finally submitted for the president's approval. As a reminder, the House of Representatives passed its own version of the CLARITY Act in July 2025 with a vote of 294 to 134.
