U.S. House of Representatives member French Hill recommends the Senate directly adopt the bipartisan-supported "Clarity Act"

CycleProphet · 2026-03-04T00:46:26+00:00

U.S. House Financial Services Committee member French Hill has proposed that the Senate adopt the "Clarity Act" to break the legislative deadlock in the cryptocurrency market. Currently, disputes over stablecoin yields have sparked strong opposition from the banking industry, with restrictions on yields being accused of stifling innovation. The U.S. Treasury Department has proposed implementing the GENIUS Act and is seeking public input; resolving this issue is crucial for the crypto market structure legislation.

CycleProphet

2026-03-04 00:46:26

Abstract generation in progress

Deep Tide TechFlow News, March 4th, reports that French Hill, a senior Republican member of the U.S. House Financial Services Committee, suggested that the Senate directly adopt the bipartisan-supported “Clarity Act” to break the legislative deadlock on the current cryptocurrency market structure bill. The core dispute revolves around stablecoin yields: the GENIUS Act passed last year prohibits stablecoin issuers from paying interest directly, but allows third-party platforms like Coinbase to offer rewards, which has sparked strong opposition from the banking industry.

Banks argue this could lead to deposit withdrawals, while the crypto industry accuses the yield restrictions of stifling innovation. The U.S. Department of the Treasury’s Office of the Comptroller of the Currency has proposed implementing the GENIUS Act and is seeking public input, potentially offering another way to resolve the dispute. Analysts warn that if the stablecoin yield issue is not addressed, it could threaten the entire cryptocurrency market structure bill.

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