Coinbase CLO says the Clarity Act is expected to pass this summer, urging the banking industry to accept compromises on stablecoins.

CoinFeed reported on May 6th that, according to The Block, Coinbase Chief Legal Officer Paul Grewal stated that he is "very confident" the stablecoin legislation, the Clarity Act, will be passed before this summer, and publicly endorsed the compromise version proposed by Senators Thom Tillis and Angela Alsobrooks. This proposal retains activity-based rewards linked to actual platform usage, while limiting idle yields, which banks perceive as a risk of deposit outflows.