The Paul Barron Crypto Show Banks Crash CLARITY!!!🚨Coinbase EXITS Support🔥
Mar 25, 2026
Chris Hayes, Partner at Thorn Run who advises on digital assets and tokenization, walks through the chaotic CLARITY markup and why banks pushed to ban passive stablecoin yield. He discusses Coinbase pulling support, Circle’s massive loss, the political deals shaping the bill, and how DeFi rules and revenue models are at stake.
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Leaked Draft Favors Banks Over Yield
- The leaked CLARITY draft reflects a banking-favored compromise that restricts passive stablecoin yields.
- Negotiations were tightly controlled: participants got unreadable copies and 30 minutes to review hundreds of pages, signaling deliberate opacity.
Banks Hold The Leverage In Negotiations
- The core political hurdle is banking industry resistance, not just intra-industry disagreement.
- White House pressure hasn't swayed banks, leaving the same deal on the table after two months of delays.
Coinbase And a16z Are Deal Makers
- Coinbase and a16z are pivotal — their support can determine whether the markup advances.
- If industry leaders split, the bill could proceed without unanimous crypto backing, altering political calculations.