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Crypto companies such as Coinbase
are calling for Congress to advance a major market structure bill known as the CLARITY Act as soon as next week after senators released compromise language meant to end a battle between banks and crypto over when rewards can be offered on stablecoins.
The proposal — from Sens. Thom Tillis, R-N.C, and Angela Alsobooks, D-Md. — would ban crypto companies from giving yield-like rewards for holding stablecoins, which banks warn would lead to fewer deposits and less capital for them to loan. However, it would allow rewards if users spend or use stablecoins.
The rules-of-the-road crypto bill is the top priority for the crypto industry, and the Trump White House is actively pushing for it. The fierce debate over stablecoins was seen as the main hurdle to get the bill through the Senate Banking Committee, although other disagreements remain.
