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Coinbase said on Friday that lawmakers reached a deal on the stablecoin yield provision that has held up the Clarity Act for months, potentially clearing the way for a long-stalled Senate Banking Committee markup.
Sens. Thom Tillis, R-N.C., and Angela Alsobrooks, D-Md., finalized the compromise on Friday evening, ending a fight that had pulled in the White House, the banking lobby, the largest U.S. crypto exchange and the broader digital asset sector since the start of the year. Punchbowl News first reported the text.
The compromise, codified as Section 404 of the bill, prohibits "covered parties" from paying any form of interest or yield to U.S. customers solely for holding stablecoins, or in any manner "economically or functionally equivalent to the payment of interest or yield on an interest-bearing bank deposit."
The text defines covered parties as digital asset service providers and their affiliates, but excludes permitted stablecoin issuers and registered foreign issuers, which are already barred from paying direct interest under the GENIUS Act.
The prohibition does not extend to "activity-based or transaction-based rewards and incentives" tied to bona fide activities. The text directs the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Treasury Secretary to jointly issue rules within one year defining a non-exhaustive list of permitted activities, expected to include payments, transfers, market-making, staking, governance and loyalty programs.
In a meaningful concession to crypto firms that has not been widely reported, the bill provides that permitted activity-based rewards "may be calculated by reference to a balance, duration, tenure, or any combination of the foregoing." That language gives platforms flexibility to design programs that factor in how much a user holds and for how long, so long as the underlying reward is tied to qualifying activity.
"In the end, the banks were able to get more restrictions on rewards, but we protected what matters, the ability for Americans to earn rewards, based on real usage of crypto platforms and networks," Coinbase Chief Policy Officer Faryar Shirzad said on X.
If the bill clears the Banking Committee, it will need to be reconciled with a competing version from the Senate Agriculture Committee, which passed its own draft along party lines in January, before going to the full Senate floor. Any final Senate bill would then need to be reconciled with the House's version, the Digital Asset Market Clarity Act, which passed 294-134 last July with bipartisan support, before reaching President Donald Trump's desk.
Sen. Bernie Moreno, R-Ohio, warned in March that if Congress fails to pass crypto market structure legislation by May, "digital asset legislation will not pass for the foreseeable future."
Yield was not the only outstanding issue. Tillis, who is not seeking re-election, has also pushed for ethics provisions aimed at preventing the President and other government officials from profiting from the crypto sector, and language around DeFi and illicit finance remains unresolved.
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