Sydney — Coinbase Global Inc. announced on Friday that a critical agreement has been reached on a key provision within a landmark cryptocurrency legislation, potentially clearing the path for the bill to advance in the U.S. Senate. Coinbase Global Inc. operates as a major cryptocurrency exchange, enabling users to buy, sell, and store various digital assets. The legislation, which had stalled earlier this year, faced significant opposition from traditional banks regarding a provision that would allow stablecoin issuers and crypto firms to offer yield-bearing products.

Banks argued that these reward schemes could divert crucial deposits, making it more challenging for them to fund lending operations. Conversely, major crypto…