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U.S. Senators Issue Joint Statement: Bipartisan Agreement Reached on Stablecoin Yield Issues in the CLARITY Act
Golden Finance reports that on May 5th, crypto journalist Eleanor Terrett posted on X platform stating that Senator Thom Tillis and Angela Alsobrooks issued a joint statement regarding the provisions related to stablecoin yields in Section 404, announcing a compromise reached amid opposition from banking industry groups, and implying that the relevant plan has “most likely been finalized.” The statement said that the compromise was formed after extensive consultation with the banking industry, with the core being to prohibit stablecoin yield designs that resemble bank deposit interest to alleviate concerns about funds flowing out of the banking system, while allowing crypto companies to offer other types of user incentives. The statement also disclosed “we respectfully agree to disagree,” indicating that despite differences in stance, legislative progress may be close to completion.