The Clarity Act is currently facing a critical deadline, with lawmakers racing to resolve the remaining issues that are plaguing the much-talked-about bill.
The key dispute revolves around the stablecoin rewards, which remain a critical issue for American exchange giant Coinbase.
Paul Grewal, Coinbase’s chief legal officer, expressed optimism during a recent appearance on Fox Business, stating that the parties are “very close to a deal.”
He is really confident that there is going to be progress because the job has to be finished. Even though the Clarity Act was a big step forward, Grewal claims that there is a need for a market structure framework. “I do think that it is important that we finish the job,” Grewal stated.
The Coinbase exec claims that it is “exciting” to see the bill moving forward.
In spite of the pushback, the rewards are being recognized as an increasingly important issue, Grewal says.
He has stressed that it is important to fulfill the vision of the US as the “crypto capital” of the world.
Grewal has stressed that there has been no evidence of stablecoins causing a deposit flight. He claims that it is important to prevent conflating this issue with other issues that traditional banks could be facing.
The White House is watching
The bold prediction has caught the attention of top White House crypto advisor Patrick Witt, who responded to a clip of the interview on X with a watchful emoji.
Recently, Witt issued a warning to industry holdouts like Coinbase. As reported by U.Today, the White House official previously claimed that crypto could face much harsher treatment under the next administration.
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