Coinbase CLO: Clarity Act expected to pass this summer, calling on banks to accept stablecoin compromises.

Huoxun Finance reports that Coinbase Chief Legal Officer Paul Grewal stated he is very confident the Clarity Act, stablecoin legislation, will be passed before this summer, and publicly supports the compromise proposed by Senators Thom Tillis and Angela Alsobrooks. This compromise retains activity-based rewards linked to actual platform usage while limiting idle balance rewards, which banks perceive as a risk of deposit outflows. Grewal stated that banks have failed to provide substantial evidence of deposit outflow risks during multiple meetings and warned that if the compromise is rejected, banks will face the more lenient GENIUS Act framework, which allows any non-issuer to issue arbitrary rewards. He anticipates the Clarity Act will be passed no later than this summer.