Coinbase CEO Backs CLARITY Act Before Senate Markup

Coinbase CEO Brian Armstrong has lent his weight to the Digital Asset Market Clarity Act ahead of its markup in the Senate Banking Committee. The bill has undergone significant changes since its initial draft, including a compromise on stablecoin yield that is seen as a key step forward.

The revised draft of the act eliminates passive yield payments for holding stablecoins alone, while still allowing activity-based rewards tied to payments and other activities. This change was a major point of contention in previous iterations of the bill, with Coinbase rejecting an earlier version over concerns about its impact on the crypto market.