Clarity Act Progress Hinges on Stablecoin Reward Deal

The Clarity Act, aimed at regulating the stablecoin industry, has made significant progress in recent weeks.

The White House shared updated legislative text with Senator Thom Tillis's office, who had been identified as a potential no vote during earlier preparations. This move has been described by sources familiar with the discussions as 'productive' and moving 'in the right direction.'

Tillis and Senator Angela Alsobrooks co-sponsored amendments to restrict stablecoin rewards issued by companies in the sector. Coinbase withdrew its support for the bill due to these amendments, citing the restricted scope of rewards.

Industry groups are working towards a new text that will be more acceptable to both banks and crypto companies. Digital Chamber CEO Cody Carbone expressed optimism about securing an affirmative vote from Tillis.