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

Within hours of US Senators Thom Tillis and Angela Alsobrooks releasing a compromise text on stablecoin yield in the Digital Asset Market Clarity Act, crypto trade groups called for a markup of key market structure legislation. The proposed text prohibits crypto firms from paying interest or yield on stablecoin balances in a manner similar to bank deposits. However, it allows for rewards programs tied to genuine activities or transactions. The compromise has been endorsed by industry leaders, including the Blockchain Association and Circle, although the Crypto Council for Innovation has raised concerns about the broad prohibition framework. The agreement is seen as a step forward in regulating the crypto industry, with many urging the Senate Banking Committee to move forward with the markup.