PANews 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 supports the compromise proposed by Senators Thom Tillis and Angela Alsobrooks. This proposal retains activity-based rewards linked to actual platform usage, while restricting "idle yields," which banks perceive as a risk of deposit outflows. Grewal stated that banks have failed to provide substantial evidence of deposit outflow risks during multiple meetings and warned that if this compromise is rejected, banks will face the more lenient GENIUS Act framework, which allows any non-issuer to issue arbitrary rewards. Grewal expects the Clarity Act to be passed no later than this summer.
