Crypto industry pushes changes to CLARITY Act over proposed stablecoin yield ban as Senate prepares draft
Industry groups and exchanges are pressing for changes to the CLARITY Act after reports of a proposed prohibition on stablecoin yields sparked fresh opposition.
The Hyperliquid Policy Center warned lawmakers that the CLARITY Act contains provisions that could broadly bar platforms from offering yield on stablecoins or assets that function like bank deposits, urging fixes ahead of a likely Senate Banking Committee markup as debate intensified this week [1].
Crypto industry leaders — including large exchanges — have pushed back on the stablecoin yield compromise and are preparing counterproposals to press for changes to the bill as the Senate prepares to release the draft text; Coinbase has been specifically cited as opposing recent changes to key provisions [2] [3] [4].
Multiple reports say congressional sources expect the Senate Banking Committee to release the long‑awaited draft of the market‑structure bill as soon as next week, with markup likely in April, and that the text of the stablecoin yield proposal is due to be published alongside the draft [3] [5] [2].
With the draft imminent, disputes over the proposed stablecoin yield prohibition and other unresolved clauses have prompted a flurry of comments from industry participants and lawmakers, leaving the bill’s final shape dependent on the committee’s markup and any subsequent revisions [1] [2] [3].
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Citations
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- 1Hyperliquid Policy Center’s Concerns Over CLARITY Act– Urges Fixes To Protect DeFi DevelopersBitcoinist• Mar 28, 2026
- 2Crypto Leaders to Propose Changes to CLARITY Act as Senate Prepares Draft ReleaseCoinGape• Mar 27, 2026
- 3Upcoming Crypto Market Structure Bill Draft Teased, Coinbase Readies CounterproposalBitcoinist• Mar 27, 2026
- 4Coinbase opposition spurs crypto counterproposal on CLARITY ActCryptopolitan• Mar 28, 2026
- 5CLARITY Act Stablecoin Yield Proposal Text Set for Release Next Week: ReportCoinpaper• Mar 27, 2026
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