According to The Block, Coinbase Chief Legal Officer Paul Grewal expressed “very strong confidence” that the Clarity Act will pass before the end of this summer, and urged banking trade associations to accept the current stablecoin compromise. Grewal argued that banks’ objections regarding core deposit outflows are unfounded and warned that rejecting the compromise would leave the banking industry vulnerable to the GENIUS Act and other more unfavorable legislation.
Coinbase CLO Predicts Clarity Act Passage by Summer, Urges Banking Sector to Accept Stablecoin Compromise
TechFlowShare
Summary
Coinbase CLO Paul Grewal said the Clarity Act is likely to pass by the end of summer and urged banking groups to support the stablecoin regulation compromise. He dismissed concerns about deposit outflows and warned that rejecting the deal could push lawmakers toward the GENIUS Act. Grewal also noted that the compromise addresses CFT risks while supporting innovation.
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