Coinbase: Has reached a compromise with banks on stablecoin yield terms; Senate crypto bill poised for advancement.

Coinbase stated that a compromise has been reached with traditional banks regarding key disagreements over stablecoin holding rewards, clearing a path for the U.S. Senate to advance a cryptocurrency market structure bill. Previously, banks had lobbied to restrict or prohibit exchanges from offering rewards to stablecoin holders, primarily due to concerns about funds flowing out of the banking deposit system. Coinbase Chief Policy Officer Faryar Shirzad stated that the final proposal, while adding some restrictions, still retains the space for users to earn rewards through crypto platforms and networks based on real-world use cases. This development is expected to push the "Clarity Act" into the Senate Banking Committee for a vote, further clarifying the division of responsibilities between the SEC and CFTC in the regulation of crypto assets. (Bloomberg)