US senators are negotiating a compromise on stablecoin yields to advance the stalled CLARITY bill, a key piece of crypto market structure legislation. The bill had been suspended due to banking industry concerns that stablecoin yields could divert bank deposits. Maryland Senator Angela Alsobrooks emphasized the need for compromises to foster innovation while safeguarding deposits.
Senator Mike Rounds suggested linking yields to account activity rather than balances, a model supported by JPMorgan Chase CEO Jamie Dimon and discussed at a White House meeting. The Office of the Comptroller of the Currency's recent rules allow for customer-incentivized yield programs, providing flexibility for a potential agreement. If senators reach a consensus, the bill could move to committee review despite ongoing banking industry concerns.
US Senators Seek Compromise on Stablecoin Yields to Advance CLARITY Bill
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