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Analysts at JPMorgan Chase stated that negotiations around the CLARITY Act in the United States are approaching a decisive stage. According to the bank, Washington has managed to narrow down the list of contentious issues to a minimum, which could pave the way for a comprehensive regulatory framework for the crypto market. This was reported by CoinDesk.

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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.

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Former crypto coordinator David Sacks and the head of the Commodity Futures Trading Commission Michael Selig on Wednesday, April 9, urged the Senate to pass the Digital Asset Market Clarity Act. Their statements came four days before the Senate’s return from Easter recess on April 13. Consideration of the bill in the Senate Banking Committee is expected later this month.

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.

The Chairman of the U.S. Securities and Exchange Commission, Paul Atkins, made an important statement regarding crypto asset regulation.

The U.S. Department of the Treasury has taken an important step toward regulating stablecoins by initiating the first official implementation process under the GENIUS Act. The Department announced the release of a Notice of Proposed Rulemaking (NPRM) to establish the framework of this law.

New details are emerging about the regulation of stablecoins, which are being closely monitored in the cryptocurrency sector. It is reported that the agreement reached between the industry stakeholders and the Senate Banking Committee, led by Tom Tillis, regarding the yield and reward mechanisms for stablecoins, is unlikely to be published this week.

David Duong, Head of Global Investment Research at Coinbase, presented his current assessment of the CLARITY Act adoption process — a critically important issue for cryptocurrency regulation in the United States. According to Duong, after the bill resurfaced this week, the issue of stablecoin rewards has once again become one of the main points of contention.

U.S. Representative Maxine Waters, a member of the Democratic Party, has requested clarification from the Federal Reserve Bank of Kansas City regarding the legal basis for granting crypto exchange Kraken access to Federal Reserve payment services.

Cryptocurrency exchange Binance announced on Wednesday stricter rules for token issuers and liquidity providers on its platform following criticism of digital asset market practices during the October market crash.

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As the U.S. continues its efforts to regulate the cryptocurrency market, the new Clarity Act bill has undergone significant changes. According to the revised version, stablecoin users will be prohibited from earning income simply by holding their assets. The goal is to prevent rewards tied to stablecoin balances, avoiding the creation of structures similar to the traditional banking system.

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Two important regulatory proposals closely related to cryptocurrencies and U.S. financial markets have been submitted to the White House for review. The two separate proposals, prepared by the U.S. Securities and Exchange Commission (SEC), address reporting obligations for digital assets and hedge funds/private investment firms and are currently undergoing an official review process.

The cryptocurrency bill CLARITY Act, passed by the US House of Representatives back in July last year, has still not passed the Senate. The main obstacle is disagreements over stablecoin yield. Senate Banking Committee Chair Tim Scott said on March 17 that he expects the first concrete proposal on the disputed issue this week.

Major cryptocurrency market player Coinbase (COIN) said that new U.S. tax reporting requirements are excessively burdensome for many cryptocurrency holders and create unnecessary clutter in the country’s tax system.

Ripple CEO Brad Garlinghouse signals a major shift in the U.S. regulatory environment, estimating a 90% probability that the Digital Asset Market Clarity Act (H.R. 3633) will be passed by the end of April.

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U.S. senators have prepared more than 75 amendments to the cryptocurrency market structure bill ahead of key hearings at the U.S. Senate Banking Committee. The amendments cover more than 100 issues and were submitted by both Democrats and Republicans. Debate and voting are scheduled for this week.