Crypto Industry and Banks Near Deal on CLARITY Act as Passage Odds Increase

The crypto industry and banks are reportedly close to reaching an agreement on the CLARITY Act, which has been a major point of contention. According to a report by Crypto In America, Digital Chamber CEO Cody Carbone stated that both parties are 'getting closer and closer' to a deal, with a resolution expected within the next week.

The main issue at hand is the stablecoin yields provision, which banks have been hesitant to compromise on due to concerns about deposit flight. However, Senator Angela Alsobrooks has noted that banks may need to make concessions in order for the bill to move forward.

With a 61% chance of President Trump signing the bill into law this year, according to Polymarket data, the crypto market is holding its breath for an update on the bill's progress. Senate Banking Committee Chair Tim Scott will speak at the Digital Chamber's DC Blockchain Summit tomorrow, where he may provide insight into when the markup could take place.