Overview
- Senators Thom Tillis and Angela Alsobrooks said they have an agreement in principle that would ban yield on passive stablecoin balances while permitting narrowly defined activity‑based rewards.
- The White House is reviewing updated legislative text, and Senate Banking Committee leaders have signaled plans for a mid‑ to late‑April markup after the Easter recess.
- The compromise targets banking concerns about deposit flight from interest‑like stablecoin rewards, a dispute that had stalled the broader CLARITY market‑structure bill since January.
- Industry participants, including Coinbase, had resisted earlier drafts over yield limits; some support has tentatively returned, though stakeholders reported they had not yet seen final language.
- Open items include ethics provisions for officials, DeFi liability and AML rules, and appointments at the SEC and CFTC, with negotiators facing a narrow window before midterm calendar pressures and pending GENIUS Act comment deadlines.