U.S. Congressman French Hill Urges Senate to Adopt Bipartisan 'Clarity Act'

According to The Block, French Hill, the top Republican on the U.S. House Committee on Financial Services, urged the Senate to directly adopt the bipartisan "Clarity Act" to break the legislative deadlock surrounding the current cryptocurrency market structure bill. The core dispute centers on stablecoin yields: last year’s GENIUS Act prohibits stablecoin issuers from directly paying interest but allows third-party platforms like Coinbase to offer rewards, sparking strong opposition from the banking industry. Banks argue this will lead to deposit outflows, while the crypto industry contends that restricting yields stifles innovation. The U.S. Treasury’s Office of the Comptroller of the Currency has already proposed implementing the GENIUS Act and is seeking public comment, potentially offering another path to resolve the dispute. Analysts warn that failing to address stablecoin yields could jeopardize the entire cryptocurrency market structure bill.