Crypto negotiators say momentum is building around a key Senate bill that could reshape U.S. market structure for digital assets.
Sources tell CoinDesk that lawmakers who had been slow to advance the Digital Asset Market Clarity Act — the top-priority federal bill for the crypto industry — may soon be willing to move forward. The sticking point has been a high-stakes fight over whether stablecoin-related “rewards” can resemble deposit-like yields; this week, new language from bank negotiators on that issue appears to have clarified what the banking sector would accept.
After weeks of tense behind-the-scenes talks between crypto representatives and bank lawyers, the debate intensified when the bankers circulated fresh draft text governing stablecoin rewards. That prompted an unusually public intervention from former President Donald Trump, who wrote on Truth Social after meeting with Coinbase CEO Brian Armstrong that banks should not “undercut The Genius Act” — a recently passed stablecoin law formally named the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act — or “hold The Clarity Act hostage.”
Summer Mersinger, CEO of the Blockchain Association, welcomed the White House’s involvement, saying it “adds important momentum as talks continue” and encourages banks to negotiate in good faith.
Banks argue the core of U.S. banking depends on customer deposits, and that crypto alternatives that mimic deposit behavior could undermine that model. That line of reasoning resonated with Senators Thom Tillis (R‑N.C.) and Angela Alsobrooks (D‑Md.), whose concerns have stalled a markup of the bill in the Senate Banking Committee. But sources say an emerging compromise — allowing a narrow range of stablecoin rewards while barring deposit-like yields — mirrors positions those senators have favored and could win their approval.
JPMorgan CEO Jamie Dimon seemed to signal openness to that kind of middle ground in a CNBC interview, saying stablecoin activity and transaction rewards may be acceptable so long as tokens held in one place aren’t rewarded in a way that resembles savings-account interest. He added that crypto firms functioning like deposit-takers should face the same stringent regulation as banks.
The debate has drawn sharp public commentary on both sides. Eric Trump, an adviser at World Liberty Financial Inc. (a firm partly owned by the Trump family with a stablecoin business), called the bankers “anti-consumer and straight-up anti-American” on X, accusing large banks of lobbying to block higher yields and customer perks.
Industry advocates are cautiously optimistic. Cody Carbone, CEO of the Digital Chamber, said Senator Tillis “has been very receptive to our discussions about stablecoin yield” and expressed hope the committee can reach a “yes” vote.
If the Senate Banking Committee advances the Clarity Act in a markup, that text would be reconciled with an earlier version that passed the Senate Agriculture Committee on a party-line vote. The merged bill would then need meaningful Democratic support to clear the full Senate. Time is a limiting factor: with floor time scarce and Congress breaking for midterm-related activities this summer, lawmakers likely have only a couple more months to move the Clarity Act if they want it to pass in 2026.
The outcome could determine whether the U.S. adopts a new, clearer federal framework for digital-asset market structure — and whether stablecoin rewards are tightly constrained or more broadly permitted.
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