TechFlow News, March 4: According to The Block, French Hill, the top Republican member of the U.S. House Financial Services Committee, urged the Senate on March 4 to directly adopt the bipartisan-supported “Clarity Act” to break the current legislative deadlock over cryptocurrency market structure bills. The core dispute centers on stablecoin yield: last year’s GENIUS Act prohibits stablecoin issuers from directly paying interest but allows third-party platforms such as Coinbase to offer rewards—a provision that has drawn strong opposition from the banking industry.
The banking sector contends this will lead to deposit outflows, while the crypto industry argues that restricting yields will stifle innovation. The U.S. Department of the Treasury’s Office of the Comptroller of the Currency (OCC) has proposed implementing the GENIUS Act and is soliciting public comments, potentially offering another pathway to resolve the controversy. Analysts warn that failure to address the stablecoin yield issue could jeopardize the entire cryptocurrency market structure bill.
