Coinbase CEO Brian Armstrong told CNBC Wednesday that cryptocurrency market structure legislation has a "path forward" following month-long negotiations, after the company's withdrawal of support caused the Senate Banking Committee to postpone a critical vote in January.
Senator Bernie Moreno said he hopes to pass the bill "by April."
Armstrong and Moreno spoke at the World Liberty Forum at Mar-a-Lago, where the White House has convened meetings between cryptocurrency platforms and traditional banks to resolve disputes over stablecoin reward programs.
The CLARITY Act passed the House 294-134 in July 2025 but has stalled in the Senate over provisions that would restrict platforms from paying yields on stablecoin balances.
The Stablecoin Rewards Dispute
Traditional banks have lobbied against allowing cryptocurrency platforms to pay interest or rewards on stablecoin holdings, arguing such programs drain deposits from the banking system.
Coinbase generated $355 million in stablecoin revenue during the third quarter of 2025, according to the company's shareholder letter.
The January 12 Senate Banking Committee draft prohibited most yield payments on stablecoins but included exemptions for transaction-based rewards similar to credit card programs.
Coinbase withdrew support on January 14, calling the restrictions insufficient. Armstrong told CNBC the company wants "a win for the crypto industry, a win for the banks, and a win for the American consumer."
Moreno told CNBC that stablecoin rewards "shouldn't be part of this equation" and that consumers benefit from competition. He said the dispute primarily affects banks rather than individual users.
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Legislative Obstacles Remain
The Senate Agriculture Committee passed its portion of the bill 12-11 along party lines in early February, granting the Commodity Futures Trading Commission oversight of digital commodity spot markets.
The Banking Committee, which handles Securities and Exchange Commission jurisdiction and stablecoin provisions, has not scheduled a new markup session.
The legislation requires 60 votes to overcome a potential Senate filibuster. Senator Mark Warner, a key Democratic negotiator, told the Banking Committee last week he wants the bill to advance but remains concerned about decentralized finance provisions and illicit finance enforcement.
If both committees approve their portions, the bills must be reconciled into a unified Senate version, pass the full Senate, and be merged with the House version before reaching President Trump for signature. Armstrong said White House meetings brought "crypto companies, bank representatives, and senators" together to resolve disputes.
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