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

Following 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 have called for a markup of the key market structure legislation. The text prohibits crypto firms from offering interest or yield on stablecoin balances in a manner similar to bank deposits, but allows for rewards programs tied to genuine activities or transactions. The Blockchain Association and the Crypto Council for Innovation have expressed support for the bill, with the latter also raising concerns about the broad prohibition. Industry leaders, including Circle's Chief Strategy Officer Dante Disparte and Coinbase's CEO Brian Armstrong, have endorsed the deal and urged 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 regulations.