The U.S. Senate's new bill promotes the development of the stablecoin market

CryptoWorld News reports that several crypto stocks rose at the opening of trading on Monday after the U.S. Senate shared new compromise language for the “Clear Act.” The Senate appears to have resolved the question of whether stablecoins can pay yields similar to interest on bank accounts. Circle (CRCL), the stablecoin issuer, saw the largest gain, rising more than 15%. Other crypto stocks, such as Coinbase and GMNI, also rose 6% on Monday. The revised language clears the way for review by the Senate Banking Committee and will ultimately be followed by detailed rules set by the U.S. Department of the Treasury and the Commodity Futures Trading Commission (CFTC). Specifically, the update means platforms like Coinbase will be prohibited from paying yields on customers’ idle stablecoin balances, but the new language still allows rewards for stablecoins used in real transactions. Since the beginning of this year, debates over paying yields on stablecoins have been the biggest obstacle to passing the “Clear Act.” With the release of the latest revised legislative language, the next step is for the Senate Banking Committee to schedule a review of the bill in the coming days, and time is tight.