Coinbase Chief Legal Officer Paul Grewal stated the U.S. Digital Asset Market Clarity Act is nearing a Senate Banking Committee markup hearing, with a potential floor vote pending resolution of a dispute over stablecoin yield. He claimed lawmakers are “very close to a deal,” despite U.S. banks advocating for restrictions, which President Trump has blamed for stalling the legislation. The bill passed the House in July 2025, but its Senate progress has been delayed, with warnings that further inaction could leave the crypto industry vulnerable to future regulatory crackdowns.
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. He stated it could eventually move to a floor vote if senators resolve the stablecoin yield dispute and schedule a markup.
Speaking in a Wednesday interview on Fox Business, Grewal said lawmakers are nearing agreement on core elements of the crypto market structure bill. “I think we’re very close to a deal,” he said, even as debate continues over stablecoin yield.
The remarks point to possible movement on one of the last major sticking points in Senate talks over crypto market structure legislation. The dispute centers on whether stablecoin issuers or platforms should be allowed to offer yield or similar rewards.
US banks have pushed for restrictions, arguing that such incentives could draw deposits away from traditional institutions. Grewal pushed back on that claim, saying there is no evidence to support fears of deposit flight.
The US House of Representatives passed the CLARITY Act on July 17, 2025. Senate Banking Committee Chair Tim Scott delayed a planned markup in January, which has yet to be rescheduled.
Last month, US President Donald Trump accused banks of undermining efforts to pass crypto market structure legislation. “The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage,” he wrote over disagreements on stablecoin yield payments.
It was later reported that Trump met privately with Coinbase CEO Brian Armstrong just hours before issuing the statement. In January, Armstrong said Coinbase could not back the market structure bill “as written,” pointing to draft amendments that would eliminate stablecoin rewards.
Coin Center executive director Peter Van Valkenburgh warned that failure to pass the CLARITY Act could leave the crypto industry vulnerable to a future US administration taking a tougher stance. “The point of passing CLARITY is not to trust this administration. It is to bind the next one,” he argued.
