Clarity Act Negotiations Stall on Stablecoin Yield Rules as Coinbase Pushes Back

US lawmakers' Clarity Act talks have run into an impasse over who may offer yield on stablecoins and under what regulatory process, with Coinbase telling senators it is unhappy with this week's compromise. The debate centers on whether agencies should define yield mechanisms via rulemaking, including potential limits on tying rewards to stablecoin transaction volume. Markets reacted after the details surfaced, with Circle's stock dropping 20% on Tuesday.