Crypto trade groups are urging the Senate Banking Committee to mark up the Digital Asset Market Clarity Act, following a compromise on stablecoin yield released by Senators Thom Tillis and Angela Alsobrooks.
The new text bars crypto firms from paying interest or yield on stablecoin balances that is economically equivalent to a bank deposit, but it carves out rewards tied to "bona fide activities or transactions."
Blockchain Association CEO Summer Mersinger called the deal a step in the right direction, warning that without a clear legal framework, the U.S. risks losing top-tier talent and capital abroad.
The Crypto Council for Innovation endorsed the bill but flagged concerns. CEO Ji Hun Kim said the language extends the prohibition framework beyond last year's GENIUS Act, applying to all digital asset market participants. He urged the committee to advance the bill anyway: "The north star is to ensure that the U.S. can lead on crypto."
Circle Chief Strategy Officer Dante Disparte fully endorsed the deal, pointing to USDC's growth in cross-border payments and capital markets. Coinbase CEO Brian Armstrong simply posted "Mark it up" after the text dropped.
Firms will need to restructure rewards programs from a "buy and hold" to a "buy and use" model to comply. The Senate Banking Committee postponed an earlier markup in January, but the yield language was the greatest remaining obstacle.