Crypto Industry Supports CLARITY Act Stablecoin Yield Compromise
- U.S. Senators Thom Tillis and Angela Alsobrooks released a compromise text on stablecoin yield in the Digital Asset Market Clarity Act.
- The text prohibits crypto firms from paying interest or yield on stablecoin balances similar to bank deposits, allowing only activity-based rewards.
- Blockchain Association CEO Summer Mersinger praised the agreement, highlighting the need for a clear legal framework to retain talent and capital in the U.S.
- Circle’s Dante Disparte called the compromise “meaningful progress,” emphasizing USDC’s role in cross-border payments and capital markets.
- Coinbase CEO Brian Armstrong expressed support for the markup, indicating that it preserves rewards tied to real participation on platforms.
The proposed legislation aims to create a structured environment for stablecoins while addressing concerns about deposit flight due to adoption. The Senate Banking Committee is urged to move forward with marking up the bill amidst ongoing negotiations.
This compromise marks a significant step in shaping regulations around stablecoins, as firms will need to adapt their reward structures under new compliance rules.(Source)
