Crypto Industry Backs CLARITY Act Stablecoin-Yield Compromise, Urges Senate Banking Markup

Crypto industry groups pressed the Senate Banking Committee to move quickly on a markup of major market-structure legislation after U.S. Senators Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.) released compromise language Friday addressing stablecoin yield in the Digital Asset Market Clarity Act—the bill's last major sticking point. The revised text would bar crypto firms from paying interest or yield on stablecoin balances in ways that are economically or functionally equivalent to a bank deposit. It preserves certain rewards tied to "bona fide activities or bona fide transactions" and instructs the Treasury Department and the CFTC to craft implementing rules within one year of enactment. Blockchain Association CEO Summer Mersinger called the agreement a step forward, praising Tillis and Alsobrooks for reaching a deal. She warned that delays in establishing a clear legal framework risk pushing top talent, capital and innovative companies offshore. The Crypto Council for Innovation (CCI) backed advancing the bill while raising concerns about the scope of the new language. CEO Ji Hun Kim said the provision expands well beyond last year's GENIUS Act, which prohibited only issuers from paying rewards. In a post on X, Kim said CCI rejects claims that stablecoin adoption will drive deposit flight, and argued the new approach "goes VERY FAR beyond" the GENIUS Act by applying to all digital asset market participants. Still, he urged Senate Banking to proceed with a markup, saying U.S. leadership in crypto is at stake. Circle Chief Strategy Officer Dante Disparte, whose firm issues USDC and EURC, endorsed the compromise outright, calling it meaningful progress in CLARITY Act negotiations. He highlighted USDC's growth in cross-border payments, capital-markets collateral and agentic commerce, framing the moment as a choice for the U.S. to lead in digital assets. Coinbase, viewed as having the most at stake, signaled support immediately. CEO Brian Armstrong posted "Mark it up" after the text was released. Chief legal officer Paul Grewal said the language preserves activity-based rewards tied to real participation on crypto platforms—an outcome aligned with requests from the bank lobby. The Senate Banking Committee had postponed an earlier CLARITY Act markup in January. While other issues remain unresolved, industry participants have treated the stablecoin-yield question as the biggest obstacle. Under the compromise, firms would likely need to rework rewards programs away from "buy and hold" models toward "buy and use" structures to fit the transaction-based carve-outs.