U.S. Senator Tim Scott told attendees at the SALT Conference that lawmakers remain divided over the CLARITY Act, formally the Crypto Leaders Act Requiring Inclusive Transparency and Yield. He pointed to two unresolved issues: potential conflicts of interest tied to President Donald Trump’s personal crypto ventures and the contested treatment of stablecoin rewards. Scott said the stablecoin rewards question will require another round of intense coordination, signaling that final passage is still uncertain.
Stablecoin rewards refers to interest or yield paid to holders, often generated from investing the reserve assets backing the tokens. The dispute centers on how such rewards should be classified and regulated, with possible outcomes ranging from prohibition to a more permissive framework. Banks, issuers and consumer groups have divergent views, making the negotiations particularly difficult.
Separately, a senator confirmed that the U.S. Senate has scheduled a procedural vote on the Clarity bill for September 15. The cloture motion requires a simple majority to advance to full floor debate. Some versions of the legislation are known as the Lummis-Gillibrand Payment Stablecoin Act. It would make the CFTC the primary regulator for digital commodities and keep the SEC responsible for digital securities, while also addressing stablecoin issuance, disclosure and consumer protections.
The procedural vote is a key milestone, but the legislative timeline remains fluid. If the bill advances, senators could introduce amendments, and any Senate version would still need to be reconciled with House legislation. Until then, the crypto industry continues to face a patchwork of state-level rules, and institutions have been reluctant to expand stablecoin-related products without clear federal guidance.
The unresolved stablecoin reward issue is especially consequential. Restricting yields could reshape major stablecoin business models, while allowing them could raise consumer protection and systemic risk concerns. The outcome is likely to set a precedent for how other yield-generating digital assets are treated under U.S. law.
