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

Within hours of the release of a compromise text by US Senators Thom Tillis and Angela Alsobrooks on stablecoin yield in the Digital Asset Market Clarity Act, crypto trade groups called for a markup of the key market structure legislation. The compromise text prohibits crypto firms from offering interest or yield on stablecoin balances in a manner similar to traditional bank deposits, but carves out exceptions for rewards programs tied to genuine activities or transactions. The Blockchain Association's CEO, Summer Mersinger, praised the deal as a step in the right direction, emphasizing the need for a clear legal framework to prevent top talent and innovative companies from relocating elsewhere. The Crypto Council for Innovation endorsed the bill while expressing concerns over the extended prohibition framework, which goes beyond last year's GENIUS Act. Despite these concerns, the council urged the Senate Banking Committee to advance the bill, citing the importance of US leadership in the crypto space. Other industry leaders, including Circle's Chief Strategy Officer Dante Disparte and Coinbase's CEO Brian Armstrong, also endorsed the compromise, highlighting its potential to drive progress in the CLARITY Act negotiations and promote US leadership in digital assets.