White House Advisor: Multiple Disagreements in the "Clarity Act" Are Gradually Being Resolved; Stablecoin Yield Compromise Likely to Stand

Patrick Witte, Executive Director of the White House's Digital Asset Presidential Advisory Committee, said on Monday that substantial progress is being made in Senate negotiations over the Digital Asset Market Clarity Act, and the previously reached compromise on stablecoin yields is expected to be maintained. The focus of negotiations has shifted to other unresolved issues.
The stablecoin yield issue was previously the biggest obstacle to advancing the bill. Banking industry lobbying groups successfully persuaded some senators that offering yields similar to bank interest to stablecoin holders would threaten the traditional banking deposit base, causing the bill to stall temporarily. Besides stablecoin yields, the bill also faces multiple disagreements, including protections against illegal finance in the DeFi sector and a Democratic proposal to prohibit high-ranking government officials (targeting President Trump) from profiting from the crypto industry. Witte did not disclose which issues have reached consensus but said negotiations "have made significant progress behind the scenes," and added, "We are very close to fully resolving these issues."