CNBC reported Friday that a tentative agreement between banking and cryptocurrency industry representatives could be announced later today, potentially paving the way for long-stalled cryptocurrency market structure legislation known as the CLARITY Act.
Lawmakers close to agreement on crypto bill
The network’s news coverage, citing industry insiders and Capitol Hill discussions, said lawmakers on the Senate Banking Committee may have reached a compromise and are now able to plan a markup and a vote; the agriculture committee already held a procedural vote in January.
According to the CNBC article, discussions have intensified in recent days as stakeholders seek common ground on a series of controversial issues.
A lingering sticking point is whether banks will accept the proposed stable reward structures. That question remains unresolved, the report says, even as other elements of the package appear to be coming together.
However, a separate update surfaced Thursday evening from Eleanor Terrett, who quoted Senate staff said negotiators are “99% of the way there on stable coin yield” and that discussions on the bill’s components relating to digital assets “are in a good place.”
Staff added that Sen. Cynthia Lummis viewed the day’s meeting as productive and positive. Nonetheless, the language used in both reports highlights that while momentum has built, the details are not finalized and could change as negotiators work through the remaining items.
The bank transforms into CLARITY law
The negotiations also took on a broader legislative and political dimension. Policy reported On Thursday, Republicans on the Senate Banking Committee are exploring whether to incorporate community bank deregulation provisions — taken from a House-passed housing bill — into the CLARITY Act as part of a deal.
The idea would be to include the banking-related cuts in the crypto bill in exchange for House Republicans accepting the Senate housing package as written.
That proposal was discussed privately in a closed-door meeting Thursday morning reportedly attended by Trump administration officials and GOP committee members.
According to Politico, the talks are fluid and no final decisions have been made; Supporters say such an exchange could help secure House support for the Senate’s housing measures without further amendments.
Featured image from OpenArt, chart from TradingView.com
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