Two US senators who negotiated a controversial provision in the crypto industry’s market structure bill – Republican Thom Tillis and Democrat Angela Alsobrooks – have reportedly agreed to a deal that could advance the industry’s top priority in the Senate to the next step.
Politico quoted both of them as saying they have agreed in principle on the approach to stablecoin yield in the Digital Asset Markets Clarity Act, and this potentially eliminates one of the top unresolved issues in the broader bill. Still, no further details were revealed, other than Alsobrooks reiterating that the yield protocol will prohibit rewards on inactive balances of stablecoins.
Bankers had argued that stablecoin rewards on holdings of tokens pegged to the US dollar could be akin to interest on bank deposits, and any threat to the main component of US banking could jeopardize lending. Both Alsobrooks and Tillis agreed to find an approach that would not threaten banking.
“There is an agreement in principle between Sen. Tillis and I,” Alsobrooks told POLITICO on Friday. “We’ve come a long way. And I think this will not only allow us to protect innovation, but also give us the opportunity to prevent mass deposit flight.”
CoinDesk previously reported that the White House was reviewing the updated legislative text on Thursday. White House officials did not immediately respond to a request for comment on Friday’s developments.
Industry insiders told CoinDesk they were aware of a new agreement, but have not yet seen the legislative text that senators agreed to.
Although the question of stablecoins was at the forefront of the Clarity Act negotiations, there are still many other points to consider, including the bill’s treatment of decentralized finance (DeFi), a corner of the area in which some Democrats have expressed uneasiness over illicit finance.
Lawmakers have suggested in recent days that the Clarity Act could have a Senate Banking Committee hearing late next month. If it is approved there, it moves on to the Senate floor, although it must first be combined with a similar version that has already passed in the Senate Agriculture Committee.
Advocates are hoping for a resolution in May to the years-long legislative effort. But Senate floor time is at a premium, and it’s at some risk from unrelated issues, such as Republicans’ voter-ID bill and the back-and-forth over the war in Iran.
Read More: Key US senators on crypto market structure bill talks: ‘We think we’ve got this’
UPDATE (March 20, 2026, 15:36 UTC): Adds quote from Senator Alsobrooks.