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The Genius Act established that stablecoin issuers could pay rewards to users. The banks said no. For months, the American Bankers Association used the Clarity Act as a pressure point to reverse that decision — tying up a bill that was supposed to govern an entirely different corner of crypto.

Now there’s compromise language. Coinbase’s chief policy officer, Faryar Shirzad, says it’s workable. The banks say it doesn’t go far enough.

Meanwhile, the Clarity Act itself is racing toward a July 4th deadline, with a Senate Banking Committee markup expected the week of May 14. Ethics provisions around government officials holding crypto assets remain the hardest open question — and, as Shirzad puts it, one entirely above his pay grade.

This is where the biggest crypto legislation in US history actually stands.

Host:

• • Laura Shin, Host / Unchained

Guest:

• • Faryar Shirzad, Chief Policy Officer, Coinbase