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Techub News reports, according to watcher.guru, that the U.S. Senate released revised language for the "American Clarity Act" on Monday, reaching a compromise on whether stablecoins can pay yields, causing Circle's stock price to surge over 15%, with crypto stocks like Coinbase rising in tandem.
The revised provisions prohibit platforms from paying yields on idle stablecoin balances but allow rewards for stablecoins used in genuine transactions.
The bill will next be submitted to the Senate Banking Committee for review, and if approved, the U.S. Treasury Department and CFTC will establish detailed rules within a year.