Lawmakers have ended a two-month fight over stablecoin rules. The deal means the Digital Asset Market Clarity Act can finally move forward.
Senators Thom Tillis and Angela Alsobrooks announced the breakthrough on March 20. They agreed to ban passive yield on stablecoins. But you can still earn rewards for actually using them.
The stablecoin market is now worth $316 billion. Banks were terrified that yield-bearing stablecoins would steal their deposits. Some experts warned that $6.6 trillion could leave bank accounts.
The new rules say no to rewards for just holding stablecoins. They also block anything that works like a bank deposit. But if you use stablecoins for payments or transfers, you can still earn rewards.
Crypto bosses reviewed the draft on March 23. Bank reps followed on March 24. Both sides need to sign off before the bill advances.
The Senate Banking Committee wants to vote in mid-April. Senator Bernie Moreno says the bill must hit the full Senate floor by May. If it misses that window, crypto laws could stall until after the midterms.
The SEC and CFTC are also pushing tokenized assets. Some experts think this market could hit $2 trillion by 2030. The Clarity Act would give the CFTC control over most digital assets and shrink the SEC’s role.
