Coinbase: Agreement Reached with Banks on Stablecoin Yield Terms, Senate Crypto Bill Advances

Odaily Planet Daily News: Coinbase stated that a key disagreement over terms regarding stablecoin holding yields has been resolved with traditional banks, clearing the way for the U.S. Senate to advance the cryptocurrency market structure bill. Banks had previously lobbied to restrict or prohibit exchanges from offering yields to stablecoin holders, primarily concerned about funds flowing out of the bank deposit system. Coinbase Chief Policy Officer Faryar Shirzad said the final plan, while adding some restrictions, still preserves the ability for users to earn rewards through crypto platforms and networks based on actual usage scenarios. This progress is expected to push the "Clarity Act" towards a vote in the Senate Banking Committee, aiming to further clarify the respective roles of the SEC and CFTC in regulating crypto assets. (Bloomberg)