CNBC: Crypto Organization Urges U.S. Lawmakers to Expedite Legislation After Reaching Landmark Agreement

May 5 (CNBC) — Multiple crypto firms, including Coinbase, are pressing U.S. Congress to advance a key market structure bill—the CLARITY Act—as early as next week. Senators had previously unveiled a compromise provision aimed at resolving tensions between the banking and crypto sectors over when stablecoins can offer yield rewards. Introduced by Sens. Thom Tillis and Angela Alsobrooks, the proposal would bar crypto companies from offering yield-like rewards for holding stablecoins. Banks have warned such incentives could drain deposits, weakening their lending capacity. However, the measure allows rewards when stablecoins are spent or used by users. This rule framework-style crypto bill is the industry’s top legislative priority, with the Trump administration also actively pushing for its passage. The heated stablecoin debate is viewed as a major hurdle to the bill advancing in the Senate Banking Committee, though other disagreements remain. The broader crypto industry has welcomed the text. Coinbase CEO Brian Armstrong posted on X (formerly Twitter) that the committee should quickly “move to deliberation”—meaning a vote in the Senate Banking Committee. As of now, the Senate Banking Committee has not announced a first vote on the bill. Committee Chairman Tim Scott said on X Monday that the panel is “close to consensus” and committed to bipartisan deliberation and voting in May.