Crypto trade groups back Clarity Act as Senate vote looms
Major crypto trade groups have endorsed the latest draft of the Clarity Act, signaling a potential end to the banking sector's deadlock over stablecoin yields as the bill heads to a Senate floor vote.
Major crypto trade groups, including the Crypto Council for Innovation, Blockchain Association, and the Digital Chamber, have thrown their weight behind the latest draft of the Clarity Act. The market structure bill is expected to head to a Senate floor vote in the coming days.
The new draft appears to be resolving a long-standing deadlock with the traditional banking sector. Goldman Sachs chairman and CEO David Solomon became one of the first major bank leaders to publicly endorse the legislation on Thursday.
The bill previously stalled in the Senate after passing the House due to fierce pushback from banking executives over stablecoins. Traditional banks argued that crypto exchanges offering yield on stablecoins would siphon away their retail deposit base.
The conflict over these yields prompted America’s largest crypto exchange, Coinbase, to withdraw its support for the bill in January. The exact terms regarding stablecoin yields in the circulating text remain a critical variable for investors assessing future competitive dynamics between banks and digital asset platforms.
To secure bipartisan advancement, lawmakers attached an ethics provision to the latest text. The new draft explicitly bans government officials and their families from issuing or promoting digital assets. This targets Democratic criticisms that President Donald Trump’s family has unfairly profited from crypto ventures.
Advocacy groups frame the legislation as a necessary foundation for mainstream market participation. “Nearly 67 million Americans, about one in four, already own digital assets, and recent research demonstrates that this trend is only growing,” the letter stated.
“This is a crucial opportunity for the Senate to improve upon the status quo by establishing durable rules for digital assets that protect consumers, safeguard markets, and ensure that innovation can thrive in the United States,” the groups added. Regulators, bank chiefs, and crypto leaders have been negotiating the framework at the White House since last year.
