U.S. Regulation

Coinbase Says CLARITY Act Deal Reached on Stablecoin Yield, Clearing Path for Senate Markup

A major breakthrough in U.S. crypto regulation has emerged as Coinbase confirmed that lawmakers have reached a deal on one of the most controversial parts of the CLARITY Act—stablecoin yield—potentially unlocking the bill’s path forward in the Senate.


Stablecoin Yield Dispute Finally Resolved

The biggest roadblock holding up the CLARITY Act—how stablecoin yields should be treated—has now been settled through a bipartisan compromise led by Senators Thom Tillis and Angela Alsobrooks

The agreement draws a clear line:

  • No interest-style yield just for holding stablecoins
  • Allowed rewards tied to real activity (payments, usage, on-chain actions)

This compromise addresses concerns from traditional banks that crypto platforms were offering deposit-like returns without the same regulatory requirements, while still preserving incentives for crypto users. 


Clears the Way for Long-Delayed Senate Markup

With the yield issue resolved, the bill can now move toward a long-awaited Senate Banking Committee markup, potentially as soon as mid-May.  Previous attempts to advance the legislation were repeatedly delayed due to disagreements between the banking sector and crypto industry over stablecoin rewards. This deal removes that key bottleneck and puts the bill back on track.


Coinbase and Industry Back the Compromise

Coinbase, which has been heavily involved in shaping policy discussions, signaled support for the deal despite the new restrictions. The company emphasized that while passive yield is limited, the ability to offer activity-based rewards remains intact—a critical feature for its business model.  Industry leaders see this as a necessary trade-off to push broader market structure legislation forward.


Momentum Builds for First Major U.S. Crypto Market Structure Law

The CLARITY Act is one of the most comprehensive attempts to regulate digital assets in the U.S., covering:

  • Market structure and token classification
  • Oversight between the SEC and CFTC
  • Rules for stablecoins and DeFi platforms

After months of stalled progress, the new agreement has boosted expectations for passage, with some estimates putting the odds around 50–60% for 2026


The Bigger Picture

This deal marks a turning point for U.S. crypto regulation. By resolving the stablecoin yield debate, lawmakers have removed the single biggest obstacle blocking progress on the CLARITY Act. If the bill advances, it could finally provide the regulatory clarity the industry has been waiting for—defining how crypto companies operate, compete with banks, and scale in the U.S. The next key moment: Senate markup—which could determine whether this long-awaited legislation becomes law or faces yet another delay.

Terron Gold

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