Crypto Industry Supports CLARITY Act Compromise, Urges Senate Banking Committee to Advance Markup

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 key market structure legislation. The text prohibits crypto firms from offering interest or yield on stablecoin balances in a manner equivalent to a bank deposit, while allowing rewards programs tied to 'genuine activities or transactions'. The Blockchain Association's CEO, Summer Mersinger, praised the deal as a step forward, stating that 'every day without a clear legal framework is an invitation for top talent, capital, and innovative companies to locate elsewhere'. The Crypto Council for Innovation endorsed the bill but raised concerns, with CEO Ji Hun Kim noting that the new language extends the prohibition framework beyond last year's GENIUS Act. Kim urged the committee to advance the bill, stating that 'the north star is to ensure that the US can lead on crypto – this is the future'. Circle's Chief Strategy Officer, Dante Disparte, also endorsed the deal, pointing to the growth of USDC in cross-border payments and capital markets. Coinbase CEO Brian Armstrong posted 'Mark it up' after the text was released, with Chief Legal Officer Paul Grewal stating that the language preserves activity-based rewards tied to real participation on crypto platforms. To comply with the new regulations, firms will need to restructure their rewards programs from a 'buy and hold' model to a 'buy and use' one.