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Today's guest is Fariar Shiarzad, Chief Policy Officer at Coinbase.

Welcome Fariar.

Hey, Laura. Thanks for having me on.

The fight between the banks and the crypto industry over stable coin yield in the Clarity Act is basically settled, I think.

The Clarity Act is supposed to be about everything but stable coins in a way, or at least for kind of centralized cryptoactivity.

But yeah, this is what's been holding it up.

And we do have new language which says, quote, no covered party shall directly or indirectly pay any form of interest on yield, whether in cash, tokens, or other consideration to a restricted recipient,

A, solely in connection with the holding of such restricted recipients' payment stable coins, or

B, on a payment stable coin balance in a manner that is economically or functionally equivalent

to the payment of interest or yield on an interest-bearing bank deposit.

So explain what that means and whether you feel that this language is a win for the banks

or the crypto industry.

Well, it's a really good question.

The language is complicated, but let me maybe just to simplify it, there was a few things that the bank said as the,

you know, kind of as the process wound through over the last few months. And their fundamental

argument was that stable coins were called deposit flight, largely because there's something

...