The Battle for Market Structure: Paul Grewal Warns Banks Are Re-Litigating Stablecoin Yield

Watch on YouTube ↗  |  January 10, 2026 at 16:00  |  14:46  |  CoinDesk
Speakers
Paul Grewal — Chief Legal Officer, Coinbase

Summary

Coinbase Chief Legal Officer Paul Grewal discusses the final push for the 2026 market structure bill, the banking industry’s effort to re-litigate stablecoin yield, and Coinbase’s expansion into prediction markets and crypto derivatives. He remains optimistic that legislation will pass and argues that stablecoin rewards should be preserved for users. Grewal also highlights Coinbase’s prediction-market acquisition and Deribit integration as key parts of its everything-exchange strategy.

  • Paul Grewal is optimistic the 2026 market structure bill will pass despite final disputes.
  • The banking industry is trying to restrict stablecoin yield after the GENIUS Act.
  • Grewal argues stablecoin rewards do not harm community lending and should be preserved.
  • Coinbase acquired a clearing company and is pushing into prediction markets.
  • The 2026 midterms could drive political event-contract activity.
  • Coinbase is integrating Deribit as crypto derivatives and options gain adoption.
Ideas
Paul Grewal Chief Legal Officer, Coinbase 1:28
Market structure bill likely passes, boosting Coinbase.
Banks are trying to re-litigate stablecoin rewards after the GENIUS Act, but the law explicitly preserved an ecosystem carveout for paying rewards and there is no evidence rewards hurt community lending; preserving stablecoin yield would share economic benefits with users and support Coinbase's stablecoin distribution business.
COIN HIGH
Paul Grewal Chief Legal Officer, Coinbase 7:14
Prediction markets growth benefits Coinbase.
Coinbase is committed to prediction markets and acquired a clearing company to support them; consumer interest is growing, event contracts can expand beyond sports and politics, and prediction markets will become a natural market-signal tool.
PREDICTION MARKETS HIGH
Paul Grewal Chief Legal Officer, Coinbase 9:07
Midterms will fuel political event contracts.
Political event contracts are attracting attention and the 2026 midterms will drive more activity; Coinbase is excited to offer customers the ability to trade these contracts.
Political event contracts HIGH
Paul Grewal Chief Legal Officer, Coinbase 11:28
Crypto derivatives growth lifts Coinbase via Deribit.
Crypto consumers are more sophisticated and increasingly comfortable with options and derivatives; Coinbase's Deribit acquisition and integration will accelerate innovation and broaden distribution and access to crypto derivatives.
Crypto derivatives HIGH
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This CoinDesk video, published January 10, 2026, features Paul Grewal discussing COIN, PREDICTION MARKETS, Political event contracts, Crypto derivatives. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Paul Grewal  · Tickers: COIN, PREDICTION MARKETS, Political event contracts, Crypto derivatives