Clarity Act may move forward after stablecoin compromise

Hopes are rising that the Clarity Act may soon see forward motion. Key senators critical to advancing the crypto market structure legislation may soon be willing to move forward on the bill after bankers circulated what seemed to be a final take on acceptable language for stablecoin rewards.

Weeks of increasingly tense talks between crypto insiders and bank representatives came to a head this week as new legislative language from the bankers focused on the debate over stablecoin rewards. Banks argued the foundation of U.S. banking and lending depends on customers' deposits and warned a crypto alternative could derail banks, a point that landed with Senators Thom Tillis and Angela Alsobrooks.

An emerging compromise that may allow a narrow range of stablecoin rewards appears similar to positions lawmakers have favored previously.

United States

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