Donald Trump

President Donald Trump

Coinbase chief legal officer Paul Grewal said the US Digital Asset Market Clarity Act is “moving toward” a markup hearing in the US Senate Banking Committee and could eventually move to a floor vote if senators resolve the stablecoin yield dispute and schedule a markup.
Speaking in a Wednesday <a href="https://www.foxbusiness.com/video/6392347797112" rel="noopener noreferrer nofollow">interview</a> on Fox Business, Grewal said lawmakers are nearing agreement on core elements of the crypto market structure bill, even as debate continues over stablecoin yield. “I think we’re very close to a deal,” he said.
The remarks point to possible movement on one of the last major sticking points in Senate talks over crypto market structure legislation: whether stablecoin issuers or platforms should be allowed to offer yield or similar rewards. The dispute has helped delay a Senate Banking Committee markup, leaving the broader effort to set federal rules for digital asset oversight still unresolved.
US banks have pushed for restrictions, arguing that such incentives could draw deposits away from traditional institutions and disrupt the banking system. Grewal pushed back on that claim, saying there is no evidence to support fears of deposit flight.
The US House of Representatives <a href="https://cointelegraph.com/news/crypto-clarity-act-passes-house-crypto-week-continues" rel="noopener noreferrer nofollow">passed the CLARITY Act</a> on July 17, 2025. In January, Senate Banking Committee Chair Tim Scott <a href="https://www.banking.senate.gov/newsroom/majority/scott-statement-on-market-structure-markup" rel="noopener noreferrer nofollow">delayed</a> a planned markup, which has yet to be rescheduled.
Related: <a href="https://cointelegraph.com/news/crypto-sentiment-rise-clarity-passed-bessent" rel="noopener noreferrer nofollow">Crypto investor sentiment will rise once CLARITY Act is passed: Bessent</a>
<h2 id="trump-blames-banks-for-stalling-crypto-bill">Trump blames banks for stalling crypto bill</h2>
Last month, US President Donald Trump <a href="https://cointelegraph.com/news/trump-takes-swipe-banks-over-stalled-crypto-bill" rel="noopener noreferrer nofollow">accused banks of undermining efforts</a> to pass crypto market structure legislation, saying they are blocking progress over disagreements on stablecoin yield payments. “The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage,” he wrote.
It was later reported that Trump <a href="https://cointelegraph.com/news/donald-trump-coinbase-brian-armstrong-crypto-bill" rel="noopener noreferrer nofollow">met privately with</a> Coinbase CEO Brian Armstrong just hours before issuing the statement.
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d4d57-6bf2-7b1c-b5b8-7dd4b05acff2.PNG" alt="Coinbase exec says Senate CLARITY compromise is close, but no markup date set">
 <figcaption>Coinbase shares are down 23% YTD. Source: <a href="https://finance.yahoo.com/quote/COIN/" rel="noopener noreferrer nofollow">Yahoo! Finance</a>
 </figcaption>
</figure>
In January, Armstrong said Coinbase <a href="https://cointelegraph.com/news/clarity-act-crypto-market-structure-coinbase-brian-armstrong" rel="noopener noreferrer nofollow">could not back</a> the market structure bill “as written,” pointing to draft amendments that would eliminate stablecoin rewards and let banks restrict competition.
Related: CLA<a href="https://cointelegraph.com/news/clarity-act-crypto-united-states-congress-galaxy-digital" rel="noopener noreferrer nofollow">RITY Act 2026 odds ‘extremely low’ if not passed before April: Exec</a>
<h2 id="clarity-delay-could-expose-crypto-to-crackdowns">CLARITY delay could expose crypto to crackdowns</h2>
Last week, Coin Center executive director Peter Van Valkenburgh <a href="https://cointelegraph.com/news/crypto-future-us-crackdowns-clarity-act" rel="noopener noreferrer nofollow">warned that failure to pass</a> the CLARITY Act could leave the crypto industry vulnerable to a future US administration taking a tougher stance. He argued that rejecting developer protections in favor of short-term business interests risks creating a system shaped by political shifts rather than clear law.
“The point of passing CLARITY is not to trust this administration. It is to bind the next one,” he said.
Magazine: <a href="https://magazine.cointelegraph.com/bitcoin-7-years-upgrade-post-quantum-bip-360-co-author/" rel="noopener noreferrer nofollow">Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author</a>

Coinbase exec says Senate CLARITY compromise is close, but no markup date set

Table of Contents

Cointelegraph

Other articles published on Apr 2, 2026

Join our free newsletter for daily crypto updates!