CNBC: Crypto organizations urge US lawmakers to advance legislation quickly after reaching a landmark agreement

BlockBeats news, May 5, according to CNBC, several crypto companies, including a certain exchange, are urging the US Congress to advance an important market structure bill—the CLARITY Act—as early as next week. Previously, senators unveiled a compromise provision aimed at resolving disputes between the banking sector and the crypto industry regarding when stablecoins can offer yield rewards.

The proposal, put forward by Senators Thom Tillis and Angela Alsobrooks, would prohibit crypto companies from offering yield-like rewards to holders of stablecoins. Banks have warned that such incentives could lead to a decrease in deposits, thereby undermining their lending capacity. However, the proposal allows rewards to be offered when users spend or use stablecoins.

This "regulatory framework" style crypto bill is the industry's top legislative priority, and the Trump administration is actively pushing for its passage. The intense debate over stablecoins is seen as one of the main obstacles to the bill's progress in the Senate Banking Committee, though other disagreements remain.

The crypto industry as a whole welcomes the text. A certain exchange CEO, Brian Armstrong, posted on X, stating that the committee should promptly "enter the markup stage" (that is, hold a vote in the Senate Banking Committee).

Currently, the Senate Banking Committee has not yet announced the first voting time for the bill. Committee Chairman Tim Scott stated on X on Monday that the committee "is close to reaching a consensus and is committed to conducting a bipartisan markup vote in May."