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US Senate prepares stablecoin yield agreement: progress on the CLARITY Act
- U.S. Senator Thom Tillis is preparing a draft agreement regarding stablecoin yields.
- The document is intended to resolve a dispute between banks and crypto companies.
- The White House has reported progress in advancing the CLARITY Act.
- Unresolved issues include DeFi, restrictions for officials, and the position of banks.
U.S. Senator Thom Tillis stated that he may present a draft agreement this week to resolve the long-standing dispute between banks and crypto companies over stablecoin yields, according to Politico.
The issue concerns wording in the CLARITY Act that determines whether crypto companies can pay interest on unused stablecoin balances. Tillis is working on the document together with Senator Angela Alsobrooks.
“I think the wording turned out quite well,” he said.
According to the senator, the text may be released in the coming days if negotiations are finalized.
Tillis also mentioned the possibility of holding a “crypto-palooza” event at the Capitol, where representatives from the banking and crypto sectors would be invited to discuss stablecoin yield issues.
What does the White House say?
The U.S. administration has moved closer to advancing the CLARITY Act after reaching a compromise on stablecoin yields. This was stated by White House crypto advisor Patrick Witt in an interview with CoinDesk.
According to him, the agreement between bipartisan senators may hold and allow progress on other contentious issues. Witt emphasized that resolving the yield issue was a key condition for moving the bill forward.
In addition to stablecoin yields, the document includes several controversial provisions:
- measures to combat illicit financial activities in the DeFi sector;
- restrictions on public officials regarding profits from the crypto industry;
- banks’ stance on potential deposit outflows.
Witt did not specify which of these issues have already been resolved. However, he noted “significant progress behind the scenes.”
Previously, it was reported that the U.S. Treasury Secretary called for approval of the CLARITY Act. Senator Cynthia Lummis also recently posted in support of the bill.
See also: "Bank of Korea introduces safeguards against extreme crypto market volatility"
