As the Senate Banking Committee prepares to mark up the long-anticipated CLARITY Act on Thursday, Coinbase CEO Brian Armstrong has argued that the newest version of the bill represents a workable “compromise” and could meaningfully improve the US financial system.

Speaking to FOX Business, Armstrong said the updated draft reflects concessions on both sides—what he described as the crypto industry meeting requests from bank lobbyists and lawmakers, while the banking sector also gave ground during negotiations.

Coinbase CEO’s CLARITY Act Pitch

Armstrong also highlighted one specific element tied to stablecoin rewards. He said the approach in the latest bill would only apply when there is “some sort of material activity on the…