Odaily Planet Daily reports: On Tuesday, U.S. Representative French Hill, a Republican, said at the Milken Institute's "Future of Finance" event that the Senate should consider advancing the House-passed Cryptocurrency Market Structure Act directly to break the current legislative deadlock surrounding stablecoin yield issues.
Over the past year, both chambers of the U.S. Congress have been advancing a comprehensive regulatory framework for the crypto industry. In 2025, the House passed the CLARITY Act (Digital Asset Market Clarity Act), which received bipartisan support, including 78 Democratic lawmakers voting in favor. However, the bill does not explicitly address stablecoin yield, which has become a key point of contention in Senate discussions.
The core issue is whether platforms can offer yield rewards to users who hold or use stablecoins. The previously passed GENIUS Act prohibits stablecoin issuers from paying interest directly to holders, but it does not prohibit third-party platforms like Coinbase from offering rewards to users.
The banking sector argues that allowing stablecoin yields could lead to a drain on traditional bank deposits and harm community banks, while the crypto industry contends that restricting yields would stifle innovation and notes that this issue was thoroughly discussed during the deliberation of the GENIUS Act.
Hill stated that if the Senate cannot reach consensus on the issue, the relevant provisions of the House version of the CLARITY Act could be directly adopted to advance legislation. He noted that the bill has garnered broad bipartisan support and could serve as a solution.
It is reported that over the past month, the White House has convened multiple meetings with representatives from the banking and cryptocurrency industries, aiming to reach a consensus by early March. However, insiders indicated that despite ongoing disagreements, this does not mean the U.S. Cryptocurrency Market Structure Act will ultimately fail to pass.