Banking Groups Push Last-Minute Stablecoin Yield Changes as Senate Panel Takes Up CLARITY Act
Banking groups are pushing last-minute changes to a compromise on stablecoin yield as the Senate Banking Committee begins considering the CLARITY Act, a US crypto market-structure bill. The lobbying effort keeps alive one of the main unresolved disputes in the legislation, with critics arguing that stablecoin reward programs could drain deposits from community banks and reduce credit availability.
Under the compromise, stablecoin rewards that are economically or functionally equivalent to interest on an interest-bearing bank deposit are prohibited, while activity-based incentives tied to bona fide platform use such as payments, transfers, and trading remain allowed. That balance has become a main point of contention even as broader parts of the bill move ahead.
From the sources (24 posts)
@coinmarketcapLATEST: 🇺🇸 Senator Gillibrand says no one will vote for the CLARITY Act if it doesn't include an ethics provision banning senior officials from personal crypto interests.
@coindeskWhite House crypto chief @patrickjwitt is targeting July 4th for a signed CLARITY Act: Senate Banking markup this month, floor vote in June, House to follow. A "tremendous birthday present for America celebrating our 250th." He shares the
@theblockcoCoinbase CLO: CLARITY Act passes by summer "Banks need to take yes for an answer..." @iampaulgrewal and @gazza_jenks cover the latest developments in crypto regulation, the significance of the CLARITY Act, and Coinbase's vision for the f
@eleanorterrett🚨NEW: Support for crypto market structure legislation is crossing party lines with 52% of voters supporting the bill and just 11% opposed, according to new polling from @HarrisXdata. The Clarity Act is backed by a majority of Democrats, R
@rleshnerRT @Consensys: New HarrisX polling: Democrats back CLARITY by +43 net. Republicans by +48. Independents by +32. There is no constituency…
@brian_armstrongPassing the CLARITY Act is a bi-partisan, and winning, issue.
@eleanorterrett🚨SCOOP: The Senate Banking Committee is preparing to notice a markup for the Clarity Act as soon as tomorrow and has circulated draft legislative text to select industry members ahead of a potential Thursday vote, according to multiple indu
@bitcoinmagazineJUST IN: 🇺🇸 Senate Banking Committee is preparing to notice a markup for the Bitcoin and crypto market structure bill "as soon as tomorrow", @EleanorTerrett reports 👀 A vote on the bill may happen next Thursday, with lawmakers feeling "pos
@degeneratenewsBREAKING: @EleanorTerrett REPORTS “SENATE BANKING COMMITTEE IS PREPARING TO NOTICE A MARKUP FOR THE CLARITY ACT AS SOON AS TOMORROW AND HAS CIRCULATED DRAFT LEGISLATIVE TEXT TO SELECT INDUSTRY MEMBERS AHEAD OF A POTENTIAL THURSDAY VOTE” htt
@tyler_did_itWhy am I starting to think the Clarity Act may actually pass??
@bitcoinnews🏛️ "I have spent years in the Senate fighting for American leadership in digital assets," Sen. Cynthia Lummis posted. "That means finishing what we've started with the Clarity Act. Let's get this done."
@cryptoroverHERE WE GO 🚀 The CLARITY Act now has an 89% chance of being signed into law, this year. 👀
@eleanorterrettRT @Jasper_Goodman: News: Democrats negotiating on crypto market structure legislation are considering withholding their support at a marku…
@cryptorover🇺🇸 LATEST: The Senate Banking Committee is set to notice a markup for the Clarity Act today. With a potential Thursday vote. 🚀
@cryptoroverNumerous banks are posting new crypto job openings. Looks like the Clarity act is about to pass.
@cryptorover🇺🇸 THE OFFICIAL CLARITY ACT VOTE IS SET FOR NEXT THURSDAY. GET READY!
@cryptoroverBIG: 🇺🇸 Odds of the Clarity Act passing surge to 89%.
@laurashinThe stablecoin yield fight in the Clarity Act may not be over yet. Coinbase's Faryar Shirzad (@faryarshirzad ) on what the banks lost with the current compromise, and why staking rewards, points, and loyalty programs could be in the crossh
@laurashin"Rewards are critical for adoption. This issue was hashed out in the Genius Act. The fact that banks wanted to revisit it on the back of the Clarity Bill was not fair play." 🥊
@laurashin"The banks have a pretty comprehensive strategy against stablecoins. They're not going to let this issue rest." 🏦
@laurashinThe fact that lawmakers are now fighting over rewards instead of the foundation is the tell. 🔔 Listing rules, developer protections, legal certainty for blockchain builders. All locked in. The second internet just got its ground rules. ~ Fa
@wallstreetmavCommunity banks fund your local small business, your family farm, your first mortgage. If stablecoin reward programs drain deposits without the regulations banks must follows and credit shrinks. The Tillis-Alsobrooks Act compromise protec
@businessBanking groups are floating last-minute changes to a compromise on stablecoin yield as a key Senate panel begins considering CLARITY Act
@firstsquawkBANKING GROUPS PUSHING LAST-MINUTE CHANGES TO STABLECOIN YIELD RULES AS SENATE PANEL TAKES UP THE CLARITY ACT