Senate Members from Both Parties Lean Toward Adjusting GENIUS Stablecoin Yield Rules; CLARITY Bill Set to Move Forward
Svmuu News: Sources reveal that bipartisan members of the Senate are gradually accepting requests from banking lobby groups to adjust the stablecoin revenue rules in the GENIUS Act. Possible adjustment paths include: adopting Senator Alsobrooks’ proposal to limit yield generation to the trading phase (which has stronger Democratic support); or requiring that only institutions holding a U.S. Office of the Comptroller of the Currency (OCC) banking license be permitted to offer stablecoin yields. The latter is considered more favorable to parts of the crypto industry but is highly controversial within the DeFi sector. Additionally, reports indicate that Scott is expected to submit the House version of the CLARITY Act as a placeholder tonight to initiate next week’s deliberation process; the final text must be submitted by midnight Monday at the latest. Other industry insiders involved in communications with Senate staff indicated that the earlier remark that “it would take a miracle for the bill to pass” was more of a lighthearted joke than a pessimistic assessment of the legislation’s prospects, and that the final outcome is likely to become clearer in the coming days.
Source:Odaily · Source Link
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