Coinbase Chief Legal Officer Paul Grewal said he supports the latest stablecoin yield compromise tied to the Digital Asset Market Clarity Act, even as parts of the banking sector continue to oppose it.
Speaking at Consensus Miami 2026 on Wednesday, Grewal described the revised language as “decent,” adding that it should be sufficient to move the bill toward a Senate markup and eventual floor vote. He added, “Some of our friends in the banking trades, in particular, still seem a bit miffed, that they were unsuccessful in killing rewards and yield entirely.”
His remarks come as lawmakers prepare for the next stage of deliberations in the Digital Asset Market Clarity Act.
Momentum builds ahead of committee markup
Grewal pointed to growing legislative momentum, noting that recent developments suggest the bill could advance in “short order.” The compromise, negotiated in part by senators Thom Tillis and Angela Alsobrooks, is expected to be reviewed by the Senate Banking Committee in the coming days.
He indicated that bipartisan support remains likely if the bill clears committee, reflecting broader alignment in Washington on the need for clearer crypto market structure rules.
Banking groups remain unconvinced
Despite progress on Capitol Hill, Grewal acknowledged that not all stakeholders are aligned. Several banking trade groups have criticized the compromise, particularly provisions that stop short of fully prohibiting yield or rewards on stablecoins.
According to Grewal, parts of the banking lobby remain dissatisfied after failing to push for stricter restrictions. He framed the disagreement as a gap between legislative intent and industry expectations.
“Take yes for an answer”
Grewal urged critics to support the current version of the bill rather than risk delaying progress. He argued that lawmakers have sent a clear signal that they want the legislation to move forward, even if it does not fully satisfy every stakeholder.
His message to industry groups was direct: accept the compromise and avoid undermining a bill that has a realistic path to passage. In his view, further resistance could jeopardize momentum at a critical stage.
A test for industry alignment
The debate over stablecoin yield has emerged as one of the most contested elements of the Clarity Act, highlighting divisions between crypto firms and traditional financial institutions.
Grewal’s stance reflects a pragmatic approach, supporting incremental progress rather than holding out for a more restrictive or ideal outcome. As the bill approaches markup, the extent to which industry participants align behind the compromise could influence its path through Congress.
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