The discussion centers on the CLARITY Act, which has remained in limbo since January. According to Republican Senator Tim Scott, the first agreed proposal on the issue of interest payments could appear as early as this week. Speaking at the DC Blockchain Summit, he said negotiations have advanced far enough to present a preliminary solution.
The core issue is whether third parties such as crypto exchanges and fintech platforms should continue to be allowed to offer interest on stablecoins. Under the GENIUS Act, issuers were already barred from making such payments. Banking groups argue that allowing platforms to run interest-bearing programs creates regulatory loopholes and could pull deposits away from the traditional banking system. Representatives of the crypto industry, on the other hand, view these products as an important part of market competition and financial innovation.
Beyond that, negotiations are continuing on other major regulatory issues, including the division of authority between the SEC and the CFTC, rules for the DeFi sector, and broader questions of ethics and oversight. According to Scott, these issues remain unresolved but have drawn less public attention than the stablecoin debate. He added that meaningful progress has been made over the last 30 days.
The CLARITY Act is intended to clearly define the boundaries of authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), which is seen as a key step toward building a more transparent regulatory framework for the US crypto market. The House of Representatives had already passed its own version of the bill in July, but Senate consideration was delayed indefinitely in January.
Overall, the latest developments point to gradual progress toward a more unified US approach to crypto regulation, where balancing innovation with protection of the financial system remains the central challenge.
