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

Within hours of U.S. Senators Thom Tillis and Angela Alsobrooks releasing a compromise on stablecoin yield in the Digital Asset Market Clarity Act, cryptocurrency trade groups called for a markup of the key market structure legislation. The proposed text prohibits crypto firms from paying interest on stablecoin balances in a manner similar to bank deposits, while allowing rewards tied to genuine activities or transactions. The Blockchain Association and the Crypto Council for Innovation have expressed support for the bill, with the latter noting some concerns. Industry leaders, including those from Circle and Coinbase, have endorsed the compromise, urging the Senate Banking Committee to advance the legislation and provide clarity for the crypto industry.