CLARITY Act resolves stablecoin yield controversy, Trump family "conflicts of interest" may become a new variable

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After months of tug-of-war, the most contentious issue of "stablecoin yield" in the U.S. cryptocurrency market structure bill, the CLARITY Act, has finally seen a breakthrough. According to key negotiators, discussions are "progressing smoothly," but several issues remain to be resolved, such as illicit financial activities and the conflict of interest between Donald Trump and the cryptocurrency industry, which will be critical hurdles for the bill to pass before the end of May. Compromise on "Stablecoin Yield" Emerges The core deadlock in this legislation has centered on whether stablecoins can offer yield. Although last year's GENIUS Act banned "interest-bearing stablecoins," prohibiting issuers from paying interest to users, it did not forbid "third-party platforms" such as DeFi protocols and exchanges from offering yield rewards. This has left the banking industry deeply dissatisfied, leading them to attempt to overturn this in the CLARITY Act legislative process, demanding that all paths to generating yield be blocked. Banking representatives fear that allowing stablecoins to offer interest-like yields will trigger massive "deposit flight," thereby weakening the lending capacity of regional banks and endangering financial stability. The cryptocurrency industry, meanwhile, argues that banning yield mechanisms would stifle financial innovation and weaken the U.S.'s position in the global digital asset competition. To resolve these differences, the White House has held multiple coordination meetings, and Democratic Senator Angela Alsobrooks and Republican Senator Thom Tillis have continued to push for a compromise version of the bill in recent weeks. The leaked compromise proposal suggests that "passive yield" generated solely from holding stablecoins, which is equivalent in nature to bank deposit interest, may be prohibited in the future. However, to maintain industry vitality, "legitimate rewards" related to actual trading activities or blockchain-native technologies will be preserved. Sources revealed that this compromise took three months of difficult negotiations to take shape, and any further significant modifications could cause the entire negotiation to fall back into a deadlock. Next Wave of Conflict: Illicit Finance and Political Conflicts of Interest As the stablecoin yield issue nears a conclusion, market focus has rapidly shifted to two sensitive topics: "illicit finance prevention" and "political ethics." Some senators are concerned that the bill's provision stating that "non-custodial developers" are not money transmitters could weaken law enforcement's ability to combat financial crimes. On the other hand, the intertwining interests between U.S. politics and the cryptocurrency industry have kept ethical issues simmering. Observers are closely watching the business footprint of Donald Trump and his family in the crypto space, including the DeFi project World Liberty Financial, mining companies, and meme coins TRUMP and MELANIA. It is estimated that crypto-related businesses have generated approximately $1.4 billion in revenue for the Trump family, prompting several members of Congress to question whether this involves a conflict of interest and to demand further investigation and regulation. Meredith Happy, a spokesperson for Democratic Senator Angela Alsobrooks, revealed that negotiations are progressing well, with the goal of having the bill "successfully complete bipartisan committee review." She noted that while good progress has been made on the most controversial issue of "stablecoin yield," core issues such as "illicit finance" and "official ethics regulations" remain to be addressed. Legislative Timeline Pressure Mounts, Congressional Progress Remains Uncertain As the congressional agenda narrows, whether the bill can complete review and be voted on in the short term remains uncertain. Republican Senator Thom Tillis previously stated that he expects the committee may not be able to hold hearings or conduct a vote on the CLARITY Act in April. Ohio Republican Senator Bernie Moreno pointed out: "If it doesn't pass by May, this bill likely won't have a chance in the foreseeable future." Despite frequent warnings from political figures, market sentiment appears relatively stable. According to CoinDesk, citing Senate staff sources, while the bill's progress may be delayed by several weeks, this is unlikely to deal a devastating blow to the final outcome.

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