According to industry sources, a compromise text on stablecoin yield rules could be released as soon as today, marking the final major sticking point in the Digital Asset Market Clarity Act (CLARITY Act). Journalist Eleanor Terrett confirmed outreach to Senators Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.), indicating that the process has reached the final stage after months of closed-door negotiations.
The new rules would ban crypto firms from paying interest or yield on stablecoin balances in a manner economically or functionally equivalent to a bank deposit. However, activity-based rewards tied to "bona fide activities or bona fide transactions" would remain allowed under strict conditions. The Treasury and CFTC are directed to write rules within a year of enactment.
Industry trade groups quickly called for a markup of the legislation. Blockchain Association CEO Summer Mersinger stated, "We commend Senators Tillis and Alsobrooks for their leadership in reaching this agreement. Every day without a clear legal framework is an invitation for top-tier talent, capital, and innovative companies to locate elsewhere."
The Crypto Council for Innovation endorsed the bill, but flagged concerns. Its CEO Ji Hun Kim noted that the new language extends the prohibition framework well beyond last year's GENIUS Act, which barred only issuers from paying rewards. Kim wrote on X: "CCI has been clear that we disagree with assertions about deposit flight concerns from stablecoin adoption. The text goes VERY FAR beyond the GENIUS Act." He urged the committee to advance the bill regardless.
Circle Chief Strategy Officer Dante Disparte, whose firm issues USDC and EURC stablecoins, gave his full endorsement: "Today's compromise on stablecoin yield marks meaningful progress in the CLARITY Act negotiations." He highlighted USDC's growth in cross-border payments, capital markets collateral, and agentic commerce.
Coinbase, which had the most at stake, also responded. CEO Brian Armstrong posted "Mark it up" after the text dropped. Chief legal officer Paul Grewal said the language preserves activity-based rewards tied to real participation on crypto platforms—exactly what the bank lobby had requested.
The Senate Banking Committee postponed an earlier CLARITY Act markup in January. While other negotiation points remain unresolved, but the yield language has been the greatest obstacle to progress. Firms will need to restructure rewards programs from a "buy and hold" model to a "buy and use" model to comply with the transaction caveats.
