According to The Block, Paul Grewal, Chief Legal Officer of Coinbase, expressed "great confidence" in the passage of the Clarity Act before the end of the summer and called on the banking trade association to accept a compromise on stablecoin rewards. He refuted the core opposition of the bank, stating that it lacked basis, and warned that refusing to compromise could face unfavorable legal conditions under the GENIUS Act. He supports the updated bill proposed by Senators Thom Tillis and Angela Alssobrooks, stating that it retains the key active reward function for Coinbase's stablecoin business, while limiting idle income rewards based on balances.
