Svmuu News According to reports, a compromise proposal on the stablecoin yield section of the Clarity Act presented by U.S. senators this week has elicited mixed reactions within the cryptocurrency industry. Coinbase has communicated its dissatisfaction with the latest compromise text to senators' staff but has not yet publicly declared opposition. The proposal was presented to cryptocurrency industry stakeholders on Monday, with some expressing dissatisfaction while others stated the outcome was better than expected.
The proposal would direct certain regulatory agencies to establish rules clarifying the regulatory approach for yield-generating activities, but there are industry concerns that regulators might set subjective standards. Furthermore, the text may restrict companies' ability to link rewards to the scale of stablecoin transactions. During this week's industry conference call, Coinbase diverged from other parties; some firms believe abandoning certain stablecoin rewards is costly, while others argue that losing the overall legislative framework for the crypto industry under the Clarity Act poses a greater risk.
Previously, news related to this compromise proposal has already impacted the market, with Circle's stock price falling 20% on Tuesday and making a slight recovery on Wednesday. White House crypto advisor Patrick Witt criticized related predictions on platform X as "uninformed," stating that "everything will work out." The final text is expected to be released this weekend or early next week.