Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong backed legislative advancement of the Clarity Act following a reported compromise on the contentious issue of stablecoin yields.
Armstrong Gives Thumbs-Up
Armstrong quoted the X post of Faryar Shirzad, Coinbase’s Chief Policy Officer, about the release of “final rewards language” in the CLARITY Act, replying, “Mark it up.”
Shirzad drew his comments from a report by Punchbowl News, which had access to the compromise text. The report stated that cryptocurrency firms would be banned from offering rewards that are “economically or functionally equivalent” to deposit interest.
The new text, finalized by Sens. Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.), directs regulators to propose “a new series of stablecoin regulations,”including the development of a new stablecoin disclosure regime and a list of permissible reward activities.
Armstrong’s comment carried weight, given that it was Coinbase that withdrew its support for the key cryptocurrency legislation in January over the stablecoin yield issue. As a result, the markup was postponed indefinitely.
“In the end, the banks were able to get more restrictions on rewards, but we …
