Senate Banking Committee Schedules Clarity Act Markup — Coinbase CEO Says Compromise Is Done!

The Senate Banking Committee has scheduled a markup vote on the Clarity Act, the crypto market structure bill already passed by the House. Coinbase CEO Brian Armstrong confirmed a compromise has been reached on the stablecoin rewards issue — rewards can now be paid when there is material account activity such as a payment or trade, meeting the demands of the bank lobby while preserving yield mechanics for active users. Armstrong credited Senators Brooks and Tillis for brokering the deal and said the bill is in the best position he has seen.

More than 100 amendments have been filed, the majority from Democratic lawmakers including over 40 from Senator Elizabeth Warren, but with Republicans controlling both chambers most are expected to fail. The markup is a committee-level vote — the bill must also clear the Senate Agricultural Committee before reaching the full Senate floor. President…