Crypto Industry Supports CLARITY Act Compromise, Urges Senate Banking Committee to Move Forward

Within hours of US Senators Thom Tillis and Angela Alsobrooks releasing a compromise on stablecoin yield in the Digital Asset Market Clarity Act, crypto trade groups called for the Senate Banking Committee to mark up the key legislation. The proposed text prohibits crypto firms from offering interest or yield on stablecoin balances in a way that is equivalent to a bank deposit, but allows for rewards programs tied to genuine activities or transactions. The agreement has received support from industry leaders, including the Blockchain Association and Circle, although the Crypto Council for Innovation has expressed concerns about the broad prohibition framework. Despite these concerns, the industry is urging the Senate Banking Committee to advance the bill, emphasizing the need for a clear legal framework to ensure the US remains a leader in the crypto space.