“It’s Now or Never” — The CLARITY Act Is Closer Than Ever to a Vote

TLDR

• Crypto executive Chris Perkins says the industry will be “just fine” even if the CLARITY Act fails to pass Congress
• The SEC and CFTC are already building regulatory frameworks that give crypto firms the clarity they need
• Senators Tillis and Alsobrooks released a stablecoin yield compromise, the last major sticking point in the bill
• The deal bans yield that mirrors bank deposits but allows rewards tied to real platform activity
• Coinbase, Circle, and the Blockchain Association all backed the compromise and urged the Senate Banking Committee to advance the bill

The CLARITY Act is moving closer to a Senate vote after lawmakers cracked one of its toughest nuts — how to handle stablecoin yield. But even if the bill fails, at least one major crypto executive says the industry will survive.

Chris Perkins, CEO of 250 Digital Asset Management, spoke on Cointelegraph’s Chain Reaction podcast on Friday. He said the crypto industry has what it needs right now, even without new legislation.

Perkins pointed to the SEC under Chair Paul Atkins and the CFTC under Chair Michael Selig. He said both regulators are building policy and setting precedent every day.

He also noted a major shift in how being classified as a security affects crypto projects. Under former SEC Chair Gary Gensler, a security label meant enforcement, delistings, and no clear path forward. That has changed.

The Stablecoin Yield Compromise

On Friday, Senators Thom Tillis and Angela Alsobrooks released compromise text on stablecoin yield, the final major obstacle in the bill.

The new language bars crypto firms from paying interest or yield on stablecoin balances in a way that works like a bank deposit. However, it allows rewards tied to real platform use and transactions.

Firms will need to shift reward programs from a “buy and hold” model to a “buy and use” model to comply.

Blockchain Association CEO Summer Mersinger called it a step in the right direction. She warned that every day without a legal framework pushes talent and capital out of the US.

Circle’s Chief Strategy Officer Dante Disparte backed the deal without reservation, pointing to the growth of USDC in payments and capital markets.

Coinbase had the most at stake. CEO Brian Armstrong posted “Mark it up” after the text dropped. Chief Legal Officer Paul Grewal said the language protects activity-based rewards tied to real platform participation.

Industry Concerns Remain

The Crypto Council for Innovation endorsed the bill but raised concerns. CEO Ji Hun Kim said the new language goes further than last year’s GENIUS Act, which only barred issuers from paying rewards. The new text applies to all digital asset market participants.

The Senate Banking Committee had previously postponed a markup in January.

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