Sen. Tillis to Release Draft Clarity Act Language on Stablecoin Yield

Senator Thom Tillis announced plans to unveil draft language for the Clarity Act this week, aiming to clarify whether cryptocurrency firms can offer yield on idle stablecoin balances. According to NS3.AI, the proposal has been reviewed by representatives from both the banking and cryptocurrency sectors, but has faced criticism from banks, though the specific source of the pushback remains undisclosed. The bill is required to pass through the Senate Banking Committee and be reconciled with the Senate Agriculture Committee before it can proceed to a full floor vote.