Crypto and banking leaders have expressed optimism that both sides could reach a deal over the latest stablecoin yield text in the CLARITY Act. This comes amid expectations that the crypto bill’s markup could hold by the end of this month as the Senate returns from its recess.
Optimism Over CLARITY Act Deal Increases With Latest Text
Crypto and banking industry sources told Crypto in America that they were hopeful that both sides had reached a workable solution this time around, following the review of the latest stablecoin yield text. However, these sources failed to provide details on the latest text, with stakeholders from both sides remaining silent about what it entails.
As CoinGape reported, crypto and banking leaders reviewed the latest stablecoin yield text in the CLARITY Act on Thursday and Friday last week. This followed reports that crypto stakeholders, including Coinbase, had opposed the language, which imposed a broad ban on stablecoin rewards and limited stablecoin yields to activity-based rewards.
Prior to the meeting, Coinbase’s Chief Legal Officer (CLO), Paul Grewal, said he was confident the crypto and banking industries would soon reach a deal over the stablecoin yield text. This marks a positive as the clash over the stablecoin rewards has remained the primary obstacle to the crypto bill’s progress.
Crypto in America noted that a deal on the stablecoin text in the CLARITY Act could enable the Senate Banking Committee to focus on the remaining issues related to DeFi, tokenization, token classification, and ethics once it returns from recess next week. Concerns about ethics could heat up again with the TRUMP coin conference, featuring U.S. President Donald Trump, on April 25.
Crypto Bill’s Markup Still Uncertain
The crypto bill’s markup remains uncertain despite expectations that it could hold this month. Pro-crypto Senator Cynthia Lummis had hinted that the markup would hold this month, seeing as they were closing in on resolving the issues that had served as roadblocks to the bill’s progress.
However, Senator Tim Scott, the Senate Banking Committee Chairman, has yet to schedule a particular date for the CLARITY Act’s markup. Meanwhile, the committee has yet to reveal whether it plans to release the latest draft to the public anytime soon.
Time remains of the essence as Senate candidate and pro-XRP lawyer John Deaton has warned that the CLARITY Act will probably not pass if the crypto bill stalls until summer. He explained that Congress is likely to turn its attention to the mid-term elections, making the bill a lower priority.
Sentiments on whether the crypto bill will pass this year remain mixed. Polymarket data show that there is currently a 63% chance Trump will sign the CLARITY Act into law this year, although the odds have recently dropped to as low as 50%.
Source: PolymarketSource: https://coingape.com/crypto-banking-leaders-optimistic-about-clarity-act-deal-after-latest-stablecoin-yield-text/
