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 text on stablecoin yield in the Digital Asset Market Clarity Act, crypto trade groups called for a markup of key market structure legislation. The text prohibits crypto firms from paying interest on stablecoin balances in a manner similar to bank deposits, but allows rewards programs tied to legitimate activities or transactions. The Blockchain Association and Crypto Council for Innovation have endorsed the bill, with the latter raising concerns over the broad prohibition. Industry leaders, including Circle's Dante Disparte and Coinbase's Brian Armstrong, have expressed support for the compromise, urging the Senate Banking Committee to advance the bill. The agreement marks a significant step forward in the CLARITY Act negotiations, with firms now required to restructure their rewards programs to comply with the new rules.