Armstrong defends CLARITY Act stablecoin yield deal

cryptonews02:17

Coinbase CEO Brian Armstrong said the CLARITY Act gave banks their must-haves as the Senate released its 309-page bill text. Summary Senate Banking Committee Chairman Tim Scott released the 309-...

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The bill defines which digital assets fall under the SEC and which belong to the CFTC, a question the US crypto industry has been pushing Congress to answer for years.Ethereum’s Clear Signing standard tackles blind transactions with ERC-7730","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","LU0106831901.USD":"贝莱德世界金融基金A2","TMF":"3倍做多20年期以上国债ETF-Direxion","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","DAPP":"VanEck Digital Transformation ETF","CRCA":"Proshares Ultra CRCL","CRCD":"T-REX 2X Inverse CRCLDaily Target ETF","BK4023":"应用软件","TLTW":"iShares 20+ Year Treasury Bond Buywrite Strategy ETF","CRCG":"2倍做多CRCL ETF-Leverage Shares","CRCO":"YIELDMAX CRCL OPTION INCOME STRATEGY ETF","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU1861217088.USD":"贝莱德金融科技A2","LU1861558580.USD":"日兴方舟颠覆性创新基金B","COIN":"Coinbase Global, Inc.","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","TLT":"20+年以上美国国债ETF-iShares","CCUP":"T-REX 2x Long CRCL Daily Target ETF","ICRC":"Bitwise CRCL Option Income Strategy ETF","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD"},"translate_title":"阿姆斯特朗捍卫《清晰法案》稳定币收益率协议","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TLT":0.6,"CRCD":0.6,"CRCO":0.6,"CRCG":0.6,"COIN":1.9,"ICRC":0.6,"TMF":0.6,"CCUP":0.6,"TLTW":0.6,"DAPP":0.7,"CRCA":0.6},"content_text":"Coinbase CEO Brian Armstrong said the CLARITY Act gave banks their must-haves as the Senate released its 309-page bill text.\n\n\nSummary\n\n\n\nSenate Banking Committee Chairman Tim Scott released the 309-page CLARITY Act substitute text on May 12, scheduling a markup for May 14.\nBrian Armstrong said in an X livestream that not everyone got everything they wanted, but the core priorities were preserved in the bill.\nFive major US banking groups jointly rejected the stablecoin yield compromise on the eve of the markup, calling the deal insufficient.\n\n\n\nThe Senate Banking Committee released the 309-page substitute text of the CLARITY Act on May 12, setting a committee markup for May 14 at 10:30 am. The bill defines which digital assets fall under the SEC and which belong to the CFTC, a question the US crypto industry has been pushing Congress to answer for years.\nCoinbase CEO Brian Armstrong said in an X livestream on May 12 that the compromise preserved the industry’s core asks. “Not everyone got everything they wanted, but they got the must-haves,” he said, adding that Coinbase is working with at least five of the largest global banks on crypto integration.\nWhy banks are still pushing back\nFive major banking groups, including the American Bankers Association and the Bank Policy Institute, issued a joint statement rejecting the stablecoin yield compromise brokered by Senators Thom Tillis and Angela Alsobrooks. The groups argued that Section 404 of the bill still permits yield-like rewards that compete with bank deposits.\n“Research demonstrates that yield-earning stablecoins could reduce all consumer, small-business, and farm loans by one-fifth or more,” the coalition said. The compromise bans passive yield paid solely for holding stablecoins while permitting activity-based rewards tied to payments and platform use.\nSenator Cynthia Lummis responded on X that the finalized text is “the culmination of months of hard work.” Senator Tillis went sharper, warning that certain factions in traditional finance may simply oppose any version of the CLARITY Act and are using the yield debate to stall it entirely.\nThe stakes around the May 14 markup\nThe CLARITY Act cleared the House 294 to 134 in July 2025 and passed the Senate Agriculture Committee in January 2026. The Banking Committee markup is the next required step before a full Senate floor vote, which needs 60 votes to advance.\nSenators Lummis and Bernie Moreno have both warned that missing the May 21 Memorial Day recess window risks pushing comprehensive crypto legislation off the calendar entirely. Prediction markets currently price the bill’s odds of becoming law in 2026 at over 60%. The White House has set a July 4 target for a presidential signature.\n\n\n\n\n\n                Read more:\n            \n\n                Ethereum’s Clear Signing standard tackles blind transactions with ERC-7730","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2635824434","isCrawlerRequest":true}