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This week is extremely important for cryptocurrencies: the Clarity Act text will be published! What is the current situation?
As negotiations continue over the Clarity Act — one of the most important cryptocurrency regulatory proposals in the United States — a final agreement on stablecoin yield is expected to be revealed this week.
These developments indicate that despite Congress being on recess for the Easter holidays, intensive behind-the-scenes negotiations are continuing at full pace.
The draft text is expected to clarify how stablecoin issuers can offer rewards to users. In particular, one of the most important aspects of the regulation is how these reward mechanisms will be structured to prevent capital outflows from banks. The initial draft, previously agreed upon by Tom Tillis, Angela Alsobrooks, and the White House, drew significant criticism from the industry. This version prohibited companies from offering direct or indirect interest on passive stablecoin balances, allowing only activity-based rewards.
However, some major industry players, including Coinbase and Stripe, considered this approach insufficient and argued that the regulation could limit innovation. The new draft is expected to propose a more balanced framework developed through discussions with both crypto companies and banks.
The Senate Banking Committee is scheduled to review the bill in the last two weeks of April. According to this timeline, approximately three weeks of critical discussions will be required before the committee approves the bill and sends it to the Senate floor.
On the other hand, full consensus has not yet been reached on issues such as stablecoin yield, decentralized finance (DeFi), token classification, and tokenization. These topics are expected to be the subject of intensive debates ahead of the final sessions, which will be formally scheduled by Committee Chairman Tim Scott.
See also: "Crypto insurance may not protect digital assets from theft — Bloomberg"
