BroadChain has learned that on April 2, Coinbase's Chief Legal Officer, Paul Grewal, told Fox Business that while disagreements persist over "stablecoin yield" in the U.S. crypto market structure bill—the Clarity Act—the relevant provisions are "very close to reaching a consensus."
Grewal also pointed out that banks are lobbying to prevent crypto platforms from offering yield on idle stablecoin balances under the bill, citing concerns over deposit outflows. However, he emphasized that "there is currently no evidence of any deposit outflows" and argued that the issue of stablecoin yield should not be conflated with the broader challenges currently facing the banking sector.