Crypto Structure Bill Progress: ‘99%’ Settlement Reached In Stablecoin Yield Talks

After intensive talks aimed at resolving one of the CLARITY Act’s thorniest provisions, stablecoin rewards, Republican senators emerged from a closed-door meeting Thursday with cautious optimism about the stalled crypto market-structure bill. 

The gathering, which drew pro-crypto Senator Cynthia Lummis and other Republican members, produced comments suggesting negotiators may finally be finding a workable path forward on stablecoin yield and related digital-asset language.

‘Light Bulbs Switched On’

Reporting from Washington by Eleanor Terrett captured the tone in the room. Lummis told colleagues she experienced a change in perspective during the meeting, saying that “some major light bulbs were switched on” and that a path forward had emerged that she had not expected when she arrived. 

Terrett later reported that Senate staff said, “We’re 99% of the way there on stablecoin yield, and negotiations on the digital asset portions of the bill are in a good place. Senator Lummis believes today’s meeting was very productive and positive.” 

The statement added that lawmakers had also heard feedback from colleagues about the need to settle housing and community banking concerns, and that Lummis was actively working to address those issues. 

Additional Changes To Crypto Bill?

Politico reported that Senate Banking Republicans have been considering whether to attach community bank deregulatory provisions to the crypto market structure bill as part of a trade: include the banking changes in the crypto bill in return for House acceptance of the Senate’s housing package in its current form. 

The idea was reportedly discussed at Thursday’s meeting, though participants emphasized the talks remain fluid and no decisions have been finalized.

Politico’s coverage confirmed that supporters of the banking sector hope such an arrangement could persuade House Republicans to adopt the Senate housing bill without further alterations. 

But the prospect is uncertain: House Republicans continue to press a range of objections to the Senate housing text, and it is not clear whether they would accept the swap.

Featured image from OpenArt, chart from TradingView.com