White House Pushes for Passage of Clarity Act Before July 4

The White House is making a concerted effort to pass the Digital Asset Market Clarity Act before July 4, which would mark a significant milestone in regulating the US crypto market.

According to recent developments, a compromise has been reached on stablecoin yield provisions, a key area of contention. The new plan prohibits stablecoins from offering yields similar to bank deposit interest rates, but allows reward mechanisms linked to consumer behavior.

The proposal was negotiated jointly by the White House, banks, and the crypto industry, with all parties reportedly being 'equally dissatisfied' with the outcome. This compromise suggests that a middle ground has been reached, which could pave the way for passage of the bill in Congress.