The draft of the CLARITY Act is expected to be released next week

Senator's Stablecoin Bill Faces Industry Pushback, Counterproposal in the Works

A Senate office is getting ready to drop some legislative text. Senator Thom Tillis's team plans to release a draft on stablecoin yield and reward mechanisms sometime next week. They're still in talks with industry players.

Why the timeline? Coinbase and other crypto firms weren't happy with an earlier version shown this week. Now, the industry is pulling together a coordinated counterproposal. David Duong, Coinbase's head of global investment research, said the goal is to tweak the language—keeping user protections in place while preserving sustainable reward structures.