Coinbase Chief Legal Officer Paul Grewal said a deal on the CLARITY Act could be reached within 48 hours, putting a potential breakthrough before the end of the week. The main obstacle has been the bill’s stablecoin yield language, where banks and crypto firms have disagreed over whether companies should be allowed to offer rewards to users. Recent negotiations, according to Grewal, suggest that gap is narrowing.
Stablecoin yield dispute remains the key sticking point
Speaking on FOX Business, Grewal said the disagreement over stablecoin rewards has held up progress more than any other issue. The question is not minor. For crypto firms, the provision affects how products can be structured and whether the bill can move into its next legislative phase.
Grewal also argued that the CLARITY Act carries broader weight than last year’s GENIUS Act, which he described as an important milestone. In his view, this bill matters because it is designed to sort out crypto market structure, especially by defining the regulatory boundary between the SEC and the CFTC. That split remains one of the most important unresolved questions for digital asset companies.
Senate schedule may shift as draft revisions continue
Progress in talks has not removed the uncertainty around timing. Crypto in America reported that the Senate is likely to delay release of the latest draft text. A spokesperson for Senator Thom Tillis pointed to concerns that early opposition has slowed the process.
Industry groups and lawmakers have continued negotiating behind closed doors. Those discussions followed pushback against an earlier draft backed by Senators Tillis and Angela Alsobrooks. The current effort is focused on revising key provisions before the text is made public. Even so, Grewal said he believes the Senate Banking Committee could still hold a markup this month, which would move the bill closer to a floor vote.
Prediction market odds show a more cautious tone
Momentum in negotiations has not translated into strong market conviction. Data from Polymarket shows a 51% chance that Donald Trump signs the bill into law this year. That figure is lower than earlier expectations and points to weaker trader confidence in the bill’s path.
Exposure tied to the outcome has also come down. Traders appear less willing to make aggressive bets while the remaining issues are still unsettled. Negotiations are still active, though, and the core stakeholders remain involved as the final framework takes shape.