Negotiators are claiming a breakthrough on the stablecoin yield clause in the Clarity Act, following a White House-orchestrated meeting on Friday. Democratic Senator Angela Alsobrooks and Republican Senator Thom Tillis are coordinating bipartisan negotiations and say they are close to resolving a dispute that has stalled the legislation for months. Previous wording prevented crypto intermediaries from paying yield or rewards, prompting Coinbase to withdraw its support for the Clarity Act on January 14.
“Senator Tillis and I do have an agreement in principle,” Alsobrooks said in an interview with Politico on Friday. “We’ve come a long way. And I think what it will do is to allow us to protect innovation, but also gives us the opportunity to prevent widespread deposit flight.”
Tillis’ comments suggest some distance remains, however. “In working with the White House, I think we have an agreement,” he said. “Now we have to vet it with industry, because they are a party to an ultimate deal.”
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