Bessent urges Senate to pass CLARITY Act amid stablecoin yield standoff

Stablecoin yield rules are blocking the CLARITY Act in the Senate. Banks and crypto firms can’t agree on whether platforms like Coinbase may pass rewards to users.

Banks warn of deposit drain. Crypto firms say yields keep them competitive. The standoff has delayed a vote for months, even with White House pressure, per Reuters.

Treasury Secretary Scott Bessent went public. He urged Congress to move now in a WSJ op‑ed, calling it a national priority. “Economic security is national security,” he wrote. The push was echoed on X.

Policy gap on yields remains. Under the proposed GENIUS Act, issuers can’t pay yields directly. The CLARITY Act would let third‑party distributors do it instead.

Market size raises the stakes. The global crypto market swung between $2T and $3T over the past year, per CoinGecko.