Coinbase CLO Eyes CLARITY Act Stablecoin Deal by Friday

Coinbase Chief Legal Officer Paul Grewal expressed strong confidence in a FOX Business interview that a key stablecoin yield agreement tied to the CLARITY Act could be reached within 48 hours. His remarks inject fresh optimism into the crypto legislative push, even as prediction markets show fading confidence in a 2025 signing.

Grewal called last year's passage of the GENIUS Act a landmark achievement but stressed that the CLARITY Act carries even greater long-term significance for the digital asset industry. The bill aims to establish a comprehensive regulatory market structure, most critically defining which crypto tokens fall under SEC authority and which are governed by the CFTC — a distinction that could reshape how the entire industry operates.

The central sticking point has been stablecoin yields, with banks and crypto firms locked in disagreement over whether crypto companies should be permitted to distribute earnings to customers. Grewal's optimistic tone suggests both sides are now nearing a workable compromise after weeks of heated back-and-forth.

On the legislative timeline, Grewal voiced confidence that the Senate Banking Committee could proceed with the CLARITY Act's markup session this month following the Senate's return from recess. A floor vote would likely follow soon after, potentially putting the bill on track to reach President Trump's desk for final approval.

However, a spokesperson for Senator Thom Tillis confirmed that the Senate will not release updated draft legislation this week. Reports indicate the delay is deliberate, intended to prevent early release of the text from giving opponents an opportunity to stall momentum.

Despite Grewal's upbeat outlook, crypto traders are tempering expectations. Polymarket data currently places the probability of Trump signing the CLARITY Act into law this year at just 51%, reflecting broader uncertainty around Washington's crypto legislative agenda.