Coinbase Says Deal Reached on Key Part of Crypto Market Bill (1)

Coinbase Global Inc. said a deal has been reached on a key stablecoin yield provision, potentially clearing a path for sweeping crypto legislation to move forward in the US Senate.

The fight over whether crypto exchanges should be able to offer rewards to customers for holding stablecoins stalled the legislation earlier this year. Banks had pushed to ban the rewards, saying it could lead to deposit flight at traditional lenders.

Spokespeople for the Financial Services Forum, the Bank Policy Institute and Senate Banking Committee Chairman Tim Scott either didn’t immediately respond to a request or had no immediate comment.

“In ...