It seems the crypto industry is finally close to a breakthrough in the Senate. Intense negotiations have been ongoing for several weeks around the Clarity Act—a key piece of legislation that the industry considers its number one priority. This week, the situation escalated: banks unveiled a new legislative wording on stablecoin rewards, and then Trump himself stepped in.

The president directly accused the banks of trying to sabotage crypto regulation and said they are attempting to use the Clarity Act as leverage. His remarks were quite harsh—banks are trying to undermine the already passed GENIUS Act. Notably, this happened soon after Trump met with Coinbase CEO Brian Armstrong—Armstrong clearly had the opportunity to convey the industry’s position at the highest level.

From the banks’ perspective, their stance is understandable: they say the foundation of the U.S. banking system is customer deposits, and if crypto companies begin offering competing products, it could destabilize the system. The argument found support among key senators—in particular, Republican Tom Tillis of North Carolina and Democrat Angela Alsobrooks of Maryland. These senators are now deciding whether to move forward.

Armstrong himself and his company appear to be actively lobbying for the industry’s interests as well. JPMorgan Chase CEO Jamie Dimon hinted in an interview with CNBC that banks are open to a compromise—they agree to allow income from stablecoin operations, but only on the condition that the stablecoins held in accounts do not earn interest the way regular savings accounts do. In his view, crypto companies should comply with the same requirements as banks if they accept deposits.

Eric Trump, the president’s son and an advisor to the family crypto firm World Liberty Financial, also did not stay on the sidelines. On social media, he called the bankers “anti-consumer and frankly anti-American,” pointing out that major players such as JPMorgan, Bank of America, and Wells Fargo are blocking Americans from earning better returns.

A compromise over stablecoin rewards is now taking shape—apparently, positions are starting to converge. Digital Chamber CEO Cody Carbone is optimistic: he says Senator Tillis responded well to the discussions, and there is a chance to secure a positive vote.

If the Senate Banking Committee pushes the bill through hearings, it will be combined with the version that has already passed the Agriculture Committee. But there’s a problem—serious support from Democrats is needed for the full vote in the Senate. Plus, there isn’t much time left: the midterm elections in Congress are already in the summer, and the Senate operates on an extremely tight schedule. The window of opportunity for the Clarity Act 2026 is closing fast—only a few months remain.