A dispute over stablecoin yields that had been blocking cryptocurrency legislation is showing signs of being resolved. On March 20, The Block reported that Senator Angela Alsobrooks (앤젤라 올소브룩스), Senator Thom Tillis (톰 틸리스) and the White House reached a “principle agreement” on how to handle stablecoin returns.

Connor Roundsberry, a spokesman for Alsobrooks, said it was “important progress” on cryptocurrency market structure legislation. He added that while ethical and illicit finance issues still remain, the potential for a bipartisan agreement has increased.

The agreement focuses on protecting stablecoin innovation while preventing bank deposit outflows. A ban in existing legislation on paying interest directly to stablecoin holders would remain, but it is likely to allow third-party platforms such as Coinbase to provide rewards.

The banking industry has raised concerns that such returns could pull money out of traditional finance, while the cryptocurrency industry has argued that restricting them would hinder innovation.

The Senate Banking Committee has pushed cryptocurrency legislation since last year, but repeatedly ran into difficulties over the stablecoin yield issue. Last year the House passed the Clarity Act with bipartisan support, and the Senate Agriculture Committee also prepared its own bill, but it failed to win support from Democrats.

The Banking Committee planned a hearing in January, but it was cancelled after Coinbase withdrew its support, citing the stablecoin yield issue. Even if the bill clears the Banking Committee, it must be coordinated with the Agriculture Committee and then go to a full vote. Passage in the Senate requires 60 votes, making Democratic support essential.

Katie Haun (케이티 하운), CEO of crypto investment firm Haun Ventures, said the key issue was whether there would be enough time for the Clarity Act to be voted on in Congress. She stressed that swift action was needed after the Easter recess. The Senate Banking Committee plans to hold a hearing next month for revisions to the bill and a vote.