White House Advisor: Multiple disagreements over the "Clear Act" are gradually being resolved; the compromise plan for stablecoin yields is expected to be maintained

Mars Finance News: Patrick Witte, Executive Director of the White House Digital Asset Presidential Advisory Committee, stated on Monday that substantial progress has been made in Senate negotiations over the Clarity Act for digital assets. The bipartisan compromise reached earlier regarding stablecoin yields is expected to be maintained, and the focus of negotiations has shifted to other unresolved issues. The stablecoin yield issue was previously the biggest obstacle to advancing the bill. Banking industry lobbying groups successfully persuaded some senators that offering stablecoin holders yields similar to bank interest would threaten the traditional banking deposit base, causing the bill to stall temporarily. Witte said, “We hope that the negotiated compromise can be durable and stable. Solving this issue is a prerequisite for advancing other pending matters.” Last week, the White House economic advisors released a report downplaying the risk concerns raised by the banking industry; in response, the American Bankers Association rebutted on Monday, claiming that the White House’s arguments are flawed. Besides stablecoin yields, the bill also faces multiple disagreements, including protections against illegal finance in the DeFi sector and a Democratic proposal—prohibiting senior government officials (specifically targeting President Trump) from profiting from the crypto industry. Witte did not disclose which issues have reached consensus but said negotiations “have made considerable progress behind the scenes,” adding, “We are very close to a comprehensive resolution of these issues.” Before being submitted for a full Senate vote, the Clarity Act still needs to undergo markup review by the Senate Banking Committee. Witte expressed optimism, noting that many issues that previously seemed deadlocked have been gradually resolved.