Cryptocurrency companies are making new concessions to U.S. banks to reach an agreement on the Clarity Act. This is reported by Bloomberg, citing informed sources.
Stablecoins remain the central issue of contention. The current version of the document prohibits digital asset providers from offering users income solely for holding “stablecoins.”
To ease the provisions, interested firms are attempting to find a compromise with the financial sector. According to insiders, recent discussions have proposed expanding the role of public banks in the ecosystem.
The proposals included a requirement for stablecoin issuers to hold part of their reserves in regional institutions. Another amendment suggested simplifying the mechanism for local banks to issue their own tokens.
Bloomberg sources clarified that the parties have yet to reach an agreement.
Currently, companies are making significant efforts to advance the Clarity Act, but have yet to achieve noticeable results. On January 15, the U.S. Senate Banking Committee postponed consideration of the Clarity Act. Meanwhile, the latest version of the document was not supported by the cryptocurrency exchange Coinbase due to “too many issues.”
In a conversation with journalists, Banking Committee Chairman Tim Scott expressed hope that “the two camps can find a balance.”
“We can protect consumers and local banks while allowing innovation and competition to drive down prices. Both sides are working towards a compromise that will keep innovation here in America,” he stated in a conversation with journalists.
Back in January, SkyBridge Capital founder Anthony Scaramucci called the ban on yield-bearing stablecoins in the Clarity Act disadvantageous for the U.S. As a more successful example, he cited China’s digital yuan.