Coinbase CLO Paul Grewal said a deal on stablecoin yields in the CLARITY Act could come within 48 hours, as the Senate prepares to resume work on the crypto market structure bill after recess.
Grewal's 48-Hour Call
In a FOX Business interview, Grewal said he is confident the stablecoin yields dispute will be resolved by Friday. He framed it as unfinished business following last year's passage of the GENIUS Act, which he called a "watershed" moment for crypto.
The stablecoin rewards provision has been the main sticking point.
Banks and crypto firms have clashed over whether companies like Coinbase should be allowed to distribute yields to customers.
Grewal's comments suggest both sides are now close to an agreement, despite crypto stakeholders — including Coinbase — opposing an earlier draft last week.
Grewal also said the Senate Banking Committee could hold the CLARITY Act's markup this month. A floor vote could follow before the bill reaches President Trump's desk.
Also Read: CLARITY Act Dead On Arrival For Three Reasons, Scaramucci Warns
Senate Delays, Traders Pare Bets
The Senate is no longer expected to release the latest draft text this week, according to Crypto in America, citing a spokesperson for Senator Thom Tillis. The delay is meant to prevent opponents from using an early release to slow the bill's progress.
Talks between banking and crypto groups have continued. Crypto leaders were preparing to propose changes even as an earlier version, agreed to by Senators Tillis and Angela Alsobrooks, met resistance.
Meanwhile, traders are trimming their expectations. Polymarket data puts the odds of Trump signing the bill into law this year at 51%.
What the CLARITY Act Does
The CLARITY Act is a comprehensive crypto market structure bill that aims to define regulatory boundaries for digital assets. It determines which tokens fall under SEC jurisdiction and which are overseen by the CFTC — a distinction that has long been a source of uncertainty for the industry.
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