French Hill urges Senate to take up House crypto bill amid stablecoin yield fight
Rep. French Hill suggests the Senate consider the House's crypto bill to resolve the stablecoin yield debate, as negotiations continue.Summary
Representative French Hill is urging the Senate to adopt the House-passed Clarity Act to address the ongoing dispute over stablecoin yields. The core issue revolves around whether platforms can offer rewards for holding or transacting in stablecoins, with banks fearing deposit drains and crypto firms arguing against stifled innovation. The GENIUS Act prohibits direct interest from issuers but remains silent on third-party rewards. The White House is mediating discussions between the banking and crypto sectors, aiming for a resolution, but a deal wasn't finalized by March 1st. Hill also suggests the Treasury Department, through the Office of the Comptroller of the Currency (OCC), could provide a solution via rulemaking. TD Cowen warns that the continued conflict could jeopardize the broader crypto market structure bill.
(Source：The Block)