Coinbase's legal head stated that the Clarity Act will be passed this summer, urging the banking industry to accept stablecoin compromises.

TechFlow to a report by The Block on May 6th, Coinbase Chief Legal Officer Paul Grewal stated that he is "very confident" the Clarity Act will be passed before the end of this summer and called on the banking trade association to accept the current stablecoin compromise. Grewal believes that banks' objections to the outflow of core deposits are unfounded and warned that if the compromise is rejected, the banking industry will instead face the GENIUS Act and other more unfavorable legislation.