Coinbase chief executive Brian Armstrong has publicly endorsed the updated version of the Digital Asset Market Clarity Act, just before the Senate Banking Committee is set to mark up the legislation on Thursday. Armstrong described the current draft as the strongest yet, following extensive negotiations among lawmakers, banking institutions, and cryptocurrency companies over several months.
The most notable change in the revised bill addresses the contentious issue of stablecoin yields. Under the new compromise, brokered by Senators Thom Tillis and Angela Alsobrooks, passive rewards for merely holding stablecoins are prohibited. However, activity-based rewards tied to payments, platform usage, or genuine blockchain network activity remain permissible. Armstrong noted that while neither side walked away completely satisfied, both banking and crypto groups found common ground they could accept.
Earlier drafts stalled in January after Coinbase opposed them, primarily due to the stablecoin yield provisions. The latest text also incorporates improvements related to decentralized finance, tokenized securities, and the Commodity Futures Trading Commission’s authority over digital asset markets. These changes address many of the concerns Coinbase raised previously. Additionally, the 309-page bill includes language affecting non-custodial software developers and infrastructure providers, potentially influencing how decentralized finance builders are regulated under federal law.
As the markup approaches, over 100 amendments have been submitted to the broader Senate crypto market structure bill. Lawmakers are expected to debate modifications covering stablecoin regulations, developer protections, ethical standards, and enforcement mechanisms before deciding whether to move the legislation forward.
Public opinion appears to favor the CLARITY Act. A HarrisX poll of 2,008 registered U.S. voters found that 52% support the bill, while only 11% oppose it, with net backing across Democrats, Republicans, and independents. The survey’s results add political pressure on senators to act. Meanwhile, a 2025 report from the National Cryptocurrency Association, based on responses from 54,000 U.S. residents, revealed that roughly 20% of Americans own cryptocurrency, with 67% of owners under 45 and 52% treating it as an investment.