Inside the Clarity Act's Stablecoin Compromise — and the Fights Still Coming

Summary

Faryar Shirzad discusses the Clarity Act's compromise on stablecoin yield, the banking lobby's red lines, and the path forward for crypto regulation. He explains how the yield language was negotiated and highlights remaining fights around staking rewards, points, and government ethics rules. The conversation also touches on the bill's timeline, the role of agencies, and Coinbase's global policy efforts.

• The Clarity Act's stablecoin yield language allows rewards tied to customer activity, not just holding.
• Banks argued stablecoins cause deposit flight and secured restrictions on yield payments.
• Key issues still open include government ethics rules and a money transmitter statute (Section 1960).
• Senate markup expected May 14; goal is signing by July 4th.
• If legislation stalls, agency rulemaking can still provide clarity.
• Coinbase will next focus on tax clarity for crypto assets.