Coinbase to meet with Republican senators ahead of Clarity Act markup

Coinbase CEO Brian Armstrong is scheduled to meet with Republican senators this week as the U.S. Senate Banking Committee prepares to vote on the Clarity Act, FinanceFeeds reported. The revised version of the bill includes provisions to allow some stablecoin rewards while limiting deposit interest, protect DeFi developers, and clarify federal oversight standards for agencies like the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Coinbase had initially insisted that provisions for stablecoin interest and rewards be included but has since shifted its position following compromise negotiations. Ahead of the vote, Democrats are demanding the inclusion of a clause to prevent conflicts of interest for public officials holding cryptocurrencies. The Senate Banking Committee is scheduled to hold a markup session to deliberate and vote on the bill at 2:30 p.m. UTC on May 14.