U.S. Senators Reach Compromise on Stablecoin Yield Provisions, Potential Removal of Obstacles to the Clarity Act

Odaily Odaily reports that U.S. lawmakers have reached an agreement on stablecoin yield provisions, a point of contention that had stalled the Clarity Act in the Senate for months. Senators Tom Tillis and Angela Alsobrooks have finalized the text of the related compromise. Section 404 of the agreement stipulates that crypto companies cannot offer interest or returns that are economically or functionally equivalent to bank deposits, but allows for incentives related to the use of genuine platforms.

Coinbase CEO Brian Armstrong stated that the Senate Banking Committee should be urged to deliberate on the bill as soon as possible. This development could provide momentum for what has been a long-stalled review process. (The Block)