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Legislators have reached an agreement on the stablecoin yield clause, which has caused the "Clarity Act" to be put on hold for several months.
Golden Finance reports that on May 3rd, Coinbase announced on Friday that lawmakers have reached an agreement on the stablecoin yield clause, which has put the Clarity Act on hold for several months, potentially clearing the way for long-stalled discussions in the Senate Banking Committee.
Senator Tom Tillis (Republican, North Carolina) and Angela Alsobrooks (Democrat, Maryland) finalized the long-awaited stablecoin yield compromise text on Friday, which states that Section 404 of the bill prohibits cryptocurrency companies from paying any interest or returns that are “economically or functionally equivalent” to bank deposits, while still allowing activity-based rewards related to the use of “real” platforms.
Coinbase CEO Brian Armstrong urged the Senate Banking Committee “to review it.”