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This week, the White House pushed for a breakthrough in the CLARITY Act stablecoin yield negotiations. It didn’t happen. However, new reports from sources close to the discussions indicate that the draft structure of the cryptocurrency market is still far from the final agreement.
Bank representatives and cryptocurrency lobbyists remain divided on whether stablecoins can generate revenue for users. This dispute continues to impede progress in the Senate.
Has the law of clarity not reached a solution?
According to Elinor Terret, sources in the banking sector describe the negotiations firsthand. There is a draft language in place, but the parties “are not on the same page”.
Other banking trade groups rejected claims that talks were collapsing, saying discussions were still ongoing and input into the draft text was continuing.
The fire dividedRYves It reflects the fragility of the negotiations.
Where is the bill now?
The House passed the CLARITY Act in July 2025 with bipartisan support. The project aims to define when digital assets fall under the supervision of the SEC and when they qualify as commodities under the CFTC. It also establishes registration rules for exchanges, brokers and custodians.
After the law passed the House of Representatives, the bill moved to the Banking Committee of the Senate. There, the game stopped.
No detailed authorization has been completed. There is no scheduled vote.
The legislation remains stalled in committee.
Stablecoin performance is the focal point
Originally, the bill was focused on regulatory clarity between the SEC and the CFTC. But at the beginning of 2026, The battle has turned into stablecoins.
Senate negotiators presented draft language that would limit interest or payments associated with stablecoins. Banks support tighter limits. They argue that yield stablecoins could function like unregulated bank deposits.
Cryptocurrency companies strongly disagree with this view. Coinbase CEO Brian Armstrong argued publicly That stablecoins can generate returns responsibly, and that banning rewards will drive innovation.
This dispute now threatens the broader framework of the market structure.
Pressure from the White House, but no breakthrough
The White House held meetings between banks and digital currency companies in recent weeks. Officials wanted a performance agreement before March.
However, sources say that the main language remains undecided.
Banking trade groups such as the American Bankers Association and the Independent Community Bankers of America said the negotiations had broken down. However, there is no final text.
What remains unresolved
Four basic issues remain:
- Whether stablecoin rewards count as prohibited interest
- How can incentives to exchange be drastically reduced?
- The final boundary between the Securities and Exchange Commission (SEC) and the authority of the CFTC
- Scope of obligations for DeFi developers
Until the return language is set, The structural reforms of the market cannot advance Wider.
When will the CLARITY Act be published?
The next major step is to increase the margin in the Senate Banking Committee. No date has been announced.
If negotiators can narrow the differences in March, a committee vote could follow later in the month. If the discussions continue, the bill could deepen the politics of the election year.
For now, the Clarity Act is still in place – but it’s in a suspended state.
The question is no longer whether Congress wants to regulate cryptocurrency. It’s about whether banks and cryptocurrency companies can agree on who controls the stablecoin economy.
