The anticipated release of the Clarity Act’s latest text on stablecoin yield appears to have been pushed back to next week and beyond.
According to a Politico report, Sen. Thom Tillis (R-N.C.) said the draft will likely not be released this week, saying that he wants clarity on the timing of the upcoming Banking Committee markup before publishing the text to the public.
A source familiar with the matter also told The Block that the text won’t be released this week, and that the legislative team continues to meet with bank trade associations and crypto companies.
The source also confirmed that the draft currently reflects prior language that would ban rewards on idle stablecoin holdings in accounts, while allowing yield on activity like transactions. It would be difficult to make substantive changes to the text at this point, according to the source.
Tillis has been working with Sen. Angela Alsobrooks (D-Md.) to develop language in the Clarity Act to end the long-standing debate on whether cryptocurrency companies should be allowed to pay interest on idle stablecoin balances.
The Republican senator previously told Politico that he aims to release the draft text on stablecoin yield this week to resolve the dispute, which has delayed the bill well beyond the initial end-of-2025 timeline.
The dispute
The debate over stablecoin rewards has become the most contentious issue in the Clarity Act, a long-sought bill to establish comprehensive rules for the digital asset sector. While the GENIUS Act, passed last year, stipulates that stablecoin issuers are banned from paying interest to holders, it does not ban third-party platforms, such as exchanges, from offering yield.
U.S. banks have argued that allowing such rewards would cause major structural disruption, draining significant deposits away from traditional institutions. Crypto firms, including Coinbase, have maintained that banning such rewards will stifle innovation and argued that it could provide new business opportunities for banks, not just crypto entities.
Since the beginning of the year, the White House has convened several closed-door meetings to facilitate a resolution, but no agreement has been reached as the two parties remain fixed in their positions.
Sarah Wynn contributed to the reporting of this story.
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