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White House Advisor: Multiple differences in the "Clarity Act" are gradually being resolved, and the compromise plan for stablecoin yields is expected to be maintained
Patrick Witte, the Executive Director of the White House Digital Assets Presidential Advisory Committee, stated on Monday that substantive progress is being made in Senate negotiations surrounding the Clarity Act, with a compromise reached on the issue of stablecoin yields expected to hold, and the focus of negotiations has shifted to other unresolved topics.
The issue of stablecoin yields was previously the biggest obstacle to advancing the bill. Banking lobbyists successfully persuaded some senators that providing yields similar to bank interest to stablecoin holders would threaten the traditional banking deposit base, causing the bill to reach an impasse. Witte stated, "We hope that the compromise reached will be durable and stable. Resolving this issue is a prerequisite for advancing other pending matters." Last week, the White House economic advisors released a report downplaying the risk concerns raised by the banking industry; in response, the American Bankers Association rebutted on Monday, claiming the White House's arguments were flawed.
In addition to stablecoin yields, the bill also faces several disagreements, including illegal financial protection mechanisms in the DeFi space and a demand from Democrats to prohibit senior government officials (specifically targeting President Trump) from profiting from the crypto industry. Witte did not disclose which topics have reached consensus but indicated that negotiations have "made considerable progress behind the scenes," stating, "We are very close to comprehensively resolving these issues." The Clarity Act still needs to go through the Senate Banking Committee's markup review process before being submitted for a full Senate vote. Witte expressed optimism about reaching a final agreement, noting that many issues that previously seemed stuck have gradually been resolved.
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