Paul Grewal, Chief Legal Officer at Coinbase (CLO), said that a CLARITY ACT transaction on stablecoin revenues could happen by Friday of this week. This provides some optimism that cryptocurrency bill tokenization could continue this month, even as cryptocurrency traders reduce their bets on Trump signing the bill into law this year.
Coinbase CLO Says CLARITY Act Deal Will Be Closing By Friday
In a Fox Business interviewCoinbase CLO said it is confident that a CLARITY Act deal on stablecoin revenues will happen within 48 hours. This came as he indicated that they needed to finish the job with this cryptocurrency bill after the passage of the GENIUS Act last year.
He acknowledged that the passage of the GENIUS Act last year was a “watershed” moment for cryptocurrencies, but that the CLARITY Act is very important because it provides an overall market structure for the cryptocurrency industry. Grewal added that the draft market structure bill is the most important, especially to determine which tokens fall under the jurisdiction of the SEC and which fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
Coinbase CLO also expressed confidence in the Senate Banking Committee’s ability to hold out Code CLARITY this month After the Senate returns from recess. The vote could take place shortly after the coding stage, before it finally reaches Trump’s desk for his signature.
Notably providing stablecoin rewards has been the main hurdle for the cryptocurrency bill to move forward, as banks and the cryptocurrency industry clash over whether cryptocurrency companies should be able to distribute proceeds to customers.
the The struggle for stablecoin returns The issue intensified again last week, with cryptocurrency stakeholders, including Coinbase, reportedly opposing the latest draft. However, Grewal’s comments indicate that banks and the cryptocurrency industry are now close to reaching an agreement.
The Senate is not expected to release the draft text this week
According to A Cryptocurrency in America reportThe Senate is no longer expected to release the latest draft text of the CLARITY Act this week, according to a spokesman for Sen. Thom Tillis. Citing a source familiar with the matter, the report said the delay reflects concerns that releasing the text before markup could give opponents an opportunity to slow the bill’s progress.
Crypto in America also reported that talks between cryptocurrency and banking groups have continued in recent days, following opposition to the previous draft approved by Senators Tillis and Angela Alsobrooks. CoinGape had previously reported about this Cryptocurrency leaders were going to propose changes Even amid previous plans to release the latest draft of the text.
Amid these talks, cryptocurrency traders are scaling back their bets on the CLARITY Act that will be passed this year. There is currently a 51% chance that Trump will sign the bill into law this year, according to Polymarket data.
