Coinpaper 2026-04-17 11:08:57

CLARITY Act Delay Keeps Stablecoin Rewards Fight Alive

A new delay in U.S. Senate talks over the CLARITY Act has kept one of crypto policy’s biggest fights unresolved: whether stablecoin issuers and crypto firms can offer yield or rewards to users. The latest reporting says draft language on stablecoin yield was pushed back again, while lawmakers continue to debate how far the bill should go in restricting rewards tied to digital dollar balances. The issue has become a pressure point between banks and the crypto industry. Banks have argued that stablecoin yield and similar incentives could pull deposits away from the traditional banking system. Meanwhile, crypto firms have pushed for more flexibility, saying rewards are part of how digital asset products compete with bank accounts and payment apps. The current fight is not new, but the timing matters. Senate negotiations have already slipped before because of disputes over stablecoin rewards. Now, the latest delay shows that lawmakers still have not settled the language, even as the broader market structure bill remains a major priority for the digital asset industry. Stablecoin rewards remain at center of dispute Recent coverage said the newest draft text on stablecoin yield will not be released until later, likely next week or beyond. According to reports, the latest working language still keeps earlier restrictions that would block rewards on idle stablecoin balances held in accounts, even as other parts of the bill remain under review. That distinction has shaped the debate. Lawmakers and industry groups have been trying to separate passive yield on balances from rewards tied to activities such as payments, trading, or loyalty programs. Earlier reporting showed Senate negotiators had considered language that would ban interest-like payments on balances while still allowing some other customer incentives. For now, the result is more delay and no final answer. The stablecoin yield language remains one of the last major unresolved issues in the bill, even as some analysts and industry observers say negotiations are moving closer to a final compromise. Banks and crypto firms still split The banking industry has opposed broad stablecoin reward powers for months. Reuters reported in March that banks pushed back against proposals that would allow stablecoin issuers and crypto firms to offer yield-bearing products and other rewards, warning that such features could weaken bank funding by shifting deposits elsewhere. Crypto firms, by contrast, have argued that the bill should not lock them out of core product features. Industry executives have said stablecoin rewards are important for customer growth and for competition with traditional financial products, especially as lawmakers try to build a national framework for digital assets. As a result, the latest delay leaves the bill in familiar territory: close enough for fresh optimism, but still blocked by one of its hardest policy questions. Until senators publish updated language and set a clear committee timeline, the fight over stablecoin rewards will remain at the center of the CLARITY Act debate.

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