Senate Close to Agreement on Digital Asset Market Clarity Act

Coinbase's chief legal officer, Paul Grewal, has stated that the US Senate is making progress on the Digital Asset Market Clarity Act. According to Grewal, lawmakers are close to agreeing on key elements of the bill, but a markup hearing has not been scheduled yet.

The bill aims to provide federal rules for digital asset oversight and provide clarity and protection for the crypto industry. However, one of the last major sticking points is stablecoin yield, with some lawmakers pushing for restrictions on this practice.

Grewal pushed back against claims that stablecoin yield could lead to deposit flight from traditional institutions, stating that there is no evidence to support these fears.