So last week there was an interesting development behind the scenes of the US crypto policy negotiations. From what I heard from several sources, key senators handling the Digital Asset Market Clarity Act seem ready to move forward again after being stuck for a while. The following negotiation text, which is part of the agreement, is the result of intense discussions between the crypto industry and banking representatives about stablecoin rewards — and this is no small matter.

The situation is like this: crypto advocates and banker representatives have been debating back and forth for weeks, especially about whether stablecoins can provide yields to holders. This week, the momentum shifted when the banking side released a draft of new legislative language. But Trump immediately intervened via Truth Social, basically saying that banks should not try to sabotage the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) which was previously approved. He explicitly stated: banks should not mess with the clarity act or use it as a bargaining chip.

Senator Thom Tillis and Angela Alsobrooks became the focal points because they are leading the committee discussion. The emerging compromise currently being worked on seems to allow limited stablecoin rewards — but with strict conditions. JPMorgan Chase CEO Jamie Dimon signals openness, but with a caveat: crypto companies that function like deposit-taking institutions must be subject to strict regulation like banks. Basically, there is room for yield on stablecoin transactions, but stablecoins stored in one place cannot earn interest similar to a savings account.

What’s interesting is Eric Trump (Trump’s son, advisor at World Liberty Financial), also voiced opinions on X, calling bankers anti-consumer and anti-American. He highlighted that big banks are lobbying hard to block Americans from higher savings yields while maintaining their monopoly. This drama is heating up the political landscape around crypto regulation.

Crypto representatives are optimistic that the Clarity Act will move forward next week from the committee stage. Cody Carbone from the Digital Chamber said Tillis is very open to discussing stablecoin rewards. If the Senate Banking Committee can pass the bill through markup, it will then be combined with the version from the Agriculture Committee that was previously approved. But this requires significant Democratic support to pass in the full Senate vote.

Time pressure is getting tighter — the Senate calendar is super packed, and mid-term elections starting in summer will make everyone scattered. The window for the Clarity Act 2026 might only be a few months before the door closes. Interesting times for crypto policy watchers.