Major breakthrough for the CLARITY Act! US Senate reaches compromise on "stablecoin yield," Coinbase praises: Core interests protected

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According to an exclusive report by Punchbowl News, bipartisan senators in the U.S. Senate have reached a final compromise regarding the "stablecoin yield" controversy in the CLARITY Act. The new provisions will prohibit crypto platforms from offering rewards that are "economically or functionally equivalent" to bank deposit interest, aiming to appease the traditional banking industry; however, it will simultaneously allow platforms to offer rewards based on actual usage, provided they meet regulatory standards. Coinbase executives praised the move, stating that the core interests of the crypto industry have been successfully protected, and called on Congress to finalize this historic crypto legislation as soon as possible. (Background: The U.S. CLARITY Act may be delayed until May! The banking industry is dissatisfied with "stablecoin yields," and Kelp DAO has suffered a $290 million hack.) (Background: CLARITY Act accelerates! Senator Thom Tillis announces the advancement of the bill to the review stage, with stablecoin yield provisions set to be released.) The comprehensive U.S. cryptocurrency regulatory framework, the CLARITY Act, has finally achieved a historic compromise amidst intense tug-of-war between the traditional banking sector and the crypto industry. According to an exclusive report and the latest updates released by Punchbowl News reporter Brendan Pedersen on May 1, Republican Senator Thom Tillis and Democratic Senator Angela Alsobrooks have reached a final compromise agreement on the most controversial "stablecoin yield and rewards" provisions. This breakthrough is seen as a key milestone for the Senate's upcoming crypto bill markup scheduled for May. SCOOP: Sens. Tillis and Alsobrooks have finalized a compromise on stablecoin yield. Punchbowl News has the text – bans rewards that are “economically or functionally equivalent” to deposit interest – balances *can* be used for rewards if companies clear the “equivalent” test pic.twitter.com/7dHsS8BnpT — Brendan Pedersen (@BrendanPedersen) May 1, 2026 Over the past few months of negotiations, the traditional banking industry has strongly protested against crypto platforms offering high-yield stablecoin products similar to bank deposits, arguing that this constitutes regulatory arbitrage and unfair competition. According to the final text of the agreement obtained by Punchbowl News, this compromise clearly draws the line: - Explicit ban on bank-like interest: The bill will explicitly prohibit crypto companies from offering stablecoin-related rewards in a manner that is "economically or functionally equivalent to paying interest or yield on bank deposits." - Conditional allowance for balance-based rewards: Funds held in balances on crypto platforms can still be used to provide rewards, provided that the company and the product can pass a rigorous "equivalent test." - Establishment of a new regulatory regime: The bill directs regulators to propose a series of new stablecoin regulatory measures, including the creation of a new "stablecoin disclosure regime" and a list of "permitted reward activities" to provide clear guidance for industry participants. Coinbase, the largest cryptocurrency exchange in the U.S., gave a positive assessment of this compromise. Coinbase Chief Policy Officer Faryar Shirzad subsequently posted on X, confirming the release of the final text and sharing the difficulties behind the negotiations: "Much of this debate was based on imagined risks, not real evidence, nor was it based on a real understanding of how crypto actually works." He revealed that this compromise was the result of months of work involving the White House, the U.S. Department of the Treasury, Republicans on the Senate Banking Committee, and Senators Tillis and Alsobrooks. Shirzad emphasized: "Ultimately, the banks succeeded in getting more restrictions on rewards, but we protected the most important part — the ability for Americans to earn rewards based on the actual usage of crypto platforms and networks." The final rewards text in the CLARITY Act is now public. We’ve been clear throughout this process: much of this debate was based on imagined risks, not real evidence, nor was it based on a real understanding of how crypto actually works. Nevertheless, the crypto industry showed… https://t.co/XoQ7Zp1Y39 — Faryar Shirzad 🛡️ (@faryarshirzad) May 1, 2026 Shirzad believes that this compromise not only protects consumer rights but also ensures that the U.S. maintains its leading position at the forefront of the financial system, which is crucial in the current era of intense geopolitical competition. With the most thorny issue of stablecoin yield now settled, Shirzad called on the industry and lawmakers to look ahead. He pointed out that while the stablecoin debate was ongoing, Congress has also made significant progress in other key areas such as token classification, decentralized finance (DeFi), and asset tokenization: "Now that this issue is behind us, it is time to focus on the broader bill... Time to finish CLAR

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