Coinbase says deal reached on key provision of crypto bill

**Summary:**

Coinbase announced on May 2, 2026, that a compromise has been reached on a critical provision of landmark U.S. crypto legislation, potentially allowing the bill to advance in the Senate. The agreement resolves a deadlock caused by banking concerns over stablecoin issuers offering yield-bearing rewards that could compete with traditional bank deposits.

Key details of the compromise include:

* **Restricted Rewards**: The final language broadly prohibits rewards that are “economically or functionally equivalent” to interest on bank deposits, addressing bank opposition.
* **Crypto Access**: Coinbase maintains that the deal preserves the ability for Americans to earn rewards based on the actual usage of crypto networks.
* **New Regulations**: The text directs regulators to create a new stablecoin disclosure regime and a specific list of permissible reward activities.
* **Political Context**: The proposed “Clarity Act” aims to end the regulatory gray area for crypto firms and aligns with President Donald Trump’s prioritization of crypto reform in his second administration.

The report, citing Punchbowl News, notes that Reuters could not immediately verify the specific text of the compromise.