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New details emerge on the Clarity Act — a key crypto bill in the U.S.
As legislative activity impacting the U.S. crypto market gains momentum, a significant turning point is reported in the critical debate over stablecoin yields between industry players and banks.
Despite ongoing uncertainty around the Clarity Act, the Senate is preparing for a busy agenda at the end of April.
Senate prepares for key decisions
Senators are expected to have a relatively calm week followed by an intense period focused on major issues, particularly the work of the U.S. Senate Banking Committee.
The goal of this period is to confirm Kevin Warsh’s nomination, advance a budget reconciliation package, and most importantly for the crypto sector, pass the Clarity Act.
Conflict over stablecoin yields
Stablecoin yield — considered the main obstacle to passing the bill — is causing significant friction between banks and crypto companies.
At the core of the debate is whether rewards offered to users for holding stablecoin balances will lead to capital outflows from the banking system.
Following a second round of talks with Senate staff last week, the parties are reportedly reviewing an updated compromise draft, with negotiations now at a critical stage.
According to two industry sources, crypto and banking representatives reviewed the updated text on Thursday and held a briefing for banks on Friday. While details remain undisclosed, there is cautious optimism that a workable solution may have been found.
Negotiations continue with limited progress
The new draft comes after nearly two months of intense negotiations. A previous version prepared in late March with involvement from Tom Tillis, Angela Alsobrooks, and the White House drew criticism from industry players, particularly Coinbase and Stripe.
Coinbase Chief Legal Officer Paul Grewal stated last week that an agreement could be reached within 48 hours, but no concrete progress has yet been reported.
Meanwhile, it remains unclear whether the Senate Banking Committee will publish the compromise text before the expected markup process begins. Chairman Tim Scott is expected to initiate this process in the second half of April.
Role of the White House and economic analysis
Another key element is an economic analysis report prepared by the White House, examining the impact of stablecoin yields on the banking system.
The fact that this report — reportedly prepared by the Council of Economic Advisers — has not yet been released is raising questions among senators.
The report is said to suggest that the impact of stablecoin yields on deposit outflows could be favorable for the crypto sector.
What’s next
If the issue of stablecoin yields is set aside, the Senate is expected to focus over the next two weeks on finalizing other major topics, including DeFi regulation, tokenization, and token classification.
See also: "Since the beginning of 2026, 15 crypto projects have announced shutdowns"
