Coinbase Endorsement of the CLARITY Act Resolves Stablecoin Yield Conflict

Coinbase earned an estimated 20% of its 20 الجديد 5 revenue—$1.35 billion—from stablecoin rewards. This revenue stream is the center of banking groups' efforts to restrict third-party platforms from offering yield tied to stablecoin holdings. Banking sector representatives claimed stablecoin yields could trigger up to $6.6 trillion in deposit flight. The President’s Council of Economic Advisers rejected that figure, finding stablecoin yields have minimal impact on bank deposits.

This resolution of the conflict over yield provisions has allowed the CLARITY Act to move forward. The bill has been stalled since January. The Senate Banking Committee delayed its markup session multiple times due to the conflict between banking groups and crypto firms. The movement follows an endorsement from Coinbase CEO Brian Armstrong, who had previously opposed the bill due to concerns regarding stablecoin yield provisions.

The shift in momentum was triggered by Treasury Secretary Scott Bessent's urging of Congress to act quickly on digital asset regulation in a Wall Street Journal opinion piece. According to Coinbase Chief Legal Officer Paul Grewal, the bill is expected to move through a Senate Banking Committee markup, a floor vote, and and a presidential signature within 48 hours of April 1. The CLARITY Act establishes a formal digital asset framework.