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The Clarity Act negotiations, which have long favored the bull market and are critical to cryptocurrency regulation in the US, had stalled due to a lack of agreement on stablecoin yields.

However, this issue has also been resolved, and earlier this month, a compromise was reportedly reached on the highly anticipated stablecoin legislation, the Clarity Act. According to reports, Senators Thom Tillis and Angela Alsobrooks reached a comprehensive agreement regarding stablecoin yields.

While the passage of the CLARITY Act is awaited, Ripple CEO Brad Garlinghouse and TD Cowen have made important statements regarding the law.

Speaking at the Consensus 2026 event in Miami, Ripple CEO Brad Garlinghouse said the next two weeks will be critical in determining whether the Cryptocurrency Market Structure Act (CLARITY) passes.

Garlinghouse stated that the bill’s chances of passing would significantly decrease if the Senate Banking Committee did not consider it. He added that the bill could become very fragile if it were to be delayed until the midterm elections.

Garlinghouse emphasized that the bill was crucial and necessary for the cryptocurrency sector, stating that clarity was better than confusion.

Aside from the Ripple CEO, investment bank TD Cowen is taking a more negative stance. Speaking to The Block, TD Cowen managing director Jaret Seiberg argues that there is no clear middle ground that satisfies both banks and the crypto industry.

According to the bank, trade groups have formally opposed the proposed stablecoin yield consensus, making it difficult for CLARITY to pass this year.

Groups representing banks, including the Banking Policy Institute, the Financial Services Forum, the Association of Independent Community Bankers, the Consumer Bankers Association, and the American Bankers Association, stated that the proposed stablecoin consensus was insufficient.

Seiberg noted that these objections were significant, pointing out that the proposal was opposed not only by small and medium-sized banks, but also by large banks represented by the Bank Policy Institute and the Financial Services Forum.

Seiberg stated that banks, by uniting on a single point, are in a strong position in negotiations, adding that it is becoming more difficult for the crypto sector to gain the upper hand in the discussion.

According to Seiberg, the legislative schedule is also quite busy. For the Senate to be able to vote on the bill by the end of July, it needs to pass the Senate Banking Committee by the end of June. However, lengthy debates could delay this timeline.

As is known, while cryptocurrency companies want to continue offering stablecoin rewards to maintain user liquidity, banks strongly oppose this practice, seeing it as a de facto alternative to deposits.

*This is not investment advice.

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