Key Senate leaders and the White House have reportedly reached a deal to resolve the clash over stablecoin yield provision in the CLARITY Act, marking a major breakthrough for the crypto bill. The odds of Trump signing this bill into law have notably jumped, as optimism returns with the bill’s markup likely to happen soon.
CLARITY Act Sees Progress as Senators, White House Reach Deal
According to a Politico report, key senators revealed that they have reached a tentative agreement with the White House on the language they plan to include in the crypto bill to resolve the clash between the banks and the crypto industry over stablecoin yield. The agreement between Senator Thom Tillis and Senator Angela Alsobrooks is now likely to clear the path for the bill’s markup in the coming weeks, Politico said.
This development comes just a day after CoinGape reported that negotiations on the CLARITY Act had progressed following a meeting between senators and Trump’s crypto advisor, Patrick Witt. Commenting on this agreement with the White House, Senator Alsobrooks said, “We’ve come a long way. And I think what it will do is to allow us to protect innovation, but also give us the opportunity to prevent widespread deposit flight.”
Meanwhile, Senator Tillis said he feels they are in a good place with the tentative agreement, although he still plans to vet it with industry. “In working with the White House, I think we have an agreement. Now we have to vet it with industry, because they are a party to an ultimate deal,” he said.
It is worth noting that the crypto industry had earlier reached a compromise by agreeing to the draft text proposed by the White House, which banned stablecoin rewards on balances. However, banks had yet to make a compromise, calling for a broad ban on stablecoin yields.
Markup Could Hold In April
The clash between the crypto industry and banks over stablecoin yields had been the major stumbling block to the CLARITY Act’s markup. With this deal in place, the crypto bill’s markup could hold in April as Senator Cynthia Lummis, a member of the Senate Banking Committee, predicted.
She also mentioned that they were eyeing a year-end passage for the bill. However, it is worth noting that other issues, such as ethics and DeFi, may become prominent once the stablecoin yield issue is resolved.
The odds of the CLARITY Act have jumped following this report of the deal between the senators and the White House. Polymarket odds show a 69% chance that U.S. President Donald Trump will sign the crypto bill into law this year.
Source: PolymarketSource: https://coingape.com/clarity-act-advances-as-senate-and-white-house-reach-deal-on-stablecoin-yields/
