White House Adviser Pushes CLARITY Act as Stablecoin Yield Debate Heats Up

One sticking point: rewards on stablecoins. Senators Angela Alsobrooks and Thom Tillis had agreed on a framework that bars platforms from offering yield for simply holding assets, while allowing incentives tied to transactions or operational payments. That consensus is now back under technical review, Senate Banking Committee Chairman Tim Scott said at the conference. Representatives from traditional banks and brokerages still have concerns about how these instruments interact with bank liquidity.

The bill also includes ethics clauses aimed at preventing conflicts of interest inside the federal government. One proposal would bar public officials, federal employees, and their spouses from issuing or sponsoring crypto assets through January 2029. Officials could keep digital asset investments under specific disclosure rules. Senators Ruben Gallego and Thom Tillis introduced a separate initiative giving state attorneys general authority to enforce those rules.

Senator Cynthia Lummis said on the legislative panel that discussions on those terms remain open. The scope of the ethical commitments in the current administration sets a precedent with no comparable track record in federal financial policymaking, according to statements cited in the source report.

Senators return from August recess in mid-September. The procedural vote on the CLARITY Act is set for September 15, 2026.