Representatives from crypto and banking groups returned to the White House on Thursday in another attempt to resolve the key dispute holding up the long‑awaited crypto market structure legislation known as the CLARITY Act.
Despite the Senate Banking Committee’s positive vote on its part of the legislation, the bill has already faced delays and is now stalled due to disagreements about whether stablecoin issuers and platforms should be allowed to offer yield or rewards to users.
Coinbase, Ripple Signal ProgressAt the center of the debate is a push from some senators and banking industry representatives to include language in the legislation that would prohibit companies from paying customers rewards for holding stablecoins on their platforms.
Some crypto advocates remain hopeful that lawmakers may draw a distinction between yield for holding stablecoins and rewards for using them, similar to the incentive programs long offered by credit card companies. They argue that usage‑based rewards should be treated differently from interest payments.
90% Chance Crypto Bill Passes By April“I had said a couple weeks ago, I thought end of April — at the time, people thought that was a little optimistic,” he noted, referencing the meeting at the White House involving leaders from both the crypto and banking sectors.
The White House has set a March 1 deadline for resolving the dispute over stablecoin rewards, adding urgency to the talks. Treasury Secretary Scott Bessent reinforced that timeline last week, urging Congress to move forward with the legislation this spring.
Featured image from OpenArt, chart from TradingView.com
