Legislative text covering stablecoin yield and rewards under the CLARITY Act is expected to be released next week, according to a report shared by journalist Eleanor Terrett on X. The update came from a staffer for Senator Thom Tillis, who said the office plans to make the text public while discussions with stakeholders continue.
The expected release follows fresh disagreement between crypto firms and lawmakers over how stablecoin rewards should be handled. According to the report, Coinbase and other industry participants were dissatisfied with parameters presented earlier this week to a small group of crypto leaders. The debate has centered on whether reward structures tied to stablecoin balances should be restricted in ways that resemble deposit interest.
Coinbase’s global head of investment research, David Duong, said industry leaders are now working on a coordinated counterproposal. He said the effort is intended to explain why targeted changes are needed to protect customers and preserve sustainable rewards programs. That response suggests the policy text remains under active negotiation even as lawmakers prepare for a public release.
The timing also places added focus on the broader legislative process. The CLARITY Act has been one of the main crypto market structure proposals under discussion in Washington, with stablecoin yield rules emerging as one of its most closely watched sections. The upcoming release may offer more detail on how lawmakers intend to define permitted rewards and where regulators would draw the line between crypto incentives and deposit-like products.
Coinbase and Lawmakers Continue to Debate Reward Structures
The current dispute reflects a longer-running divide between crypto platforms and traditional banking interests. Crypto firms have argued that rewards linked to stablecoin use can support customer adoption and provide a practical benefit for users holding digital dollars on regulated platforms. Banking groups, by contrast, have pushed for tighter limits where such programs begin to resemble interest-bearing deposits.
Senator Cynthia Lummis said this week that bipartisan compromise remains necessary for the CLARITY Act to pass. In a public statement, she said lawmakers are working to protect stablecoin rewards while also addressing concerns about deposit flight from community banks. Her comments showed that both issues remain part of the same negotiation.
That discussion also overlaps with the existing GENIUS Act framework. The stablecoin law, enacted on July 18, 2025, is now in its implementation phase. Under the Act and recent proposed OCC rules, issuers and affiliates are prohibited from paying interest or rewards solely for holding a payment stablecoin. That rulemaking process remains open, with public comments due by May 1, 2026.
White House Crypto Role Ends During Key Policy Stretch
The latest CLARITY Act developments also coincide with a separate change taking place inside the White House. David Sacks confirmed on March 26 that his 130-day term as White House AI and crypto czar had expired. He said the role ended under the federal limit that applies to special government employees, and reports indicate the administration does not plan to appoint a replacement.
Sacks had been closely involved in digital asset policy discussions during his time in the role. Reports described him as a participant in closed-door sessions between banking and crypto representatives, including meetings tied to the stablecoin yield compromise reached in March. He also publicly commented on the CLARITY Act debate earlier this year, when crypto firms split over the bill's direction.
His departure leaves a gap during a period when crypto legislation remains active. With no replacement currently planned, attention may shift more directly to lawmakers, agency officials, and industry groups as the next phase of negotiations continues.
Rulemaking and Legislative Pressure Now Move in Parallel
At the same time, federal agencies are continuing work on stablecoin implementation. The Office of the Comptroller of the Currency issued a notice of proposed rulemaking on February 25, 2026, to operationalize the GENIUS Act.
On March 15, the SEC and CFTC also issued a joint interpretation stating that payment stablecoins issued under the Act are generally excluded from the definitions of securities and commodities.
That background means the release of the CLARITY Act text next week could affect a policy discussion that is already moving on multiple fronts. Lawmakers are still negotiating market structure rules, while agencies are building the regulatory system for payment stablecoins under the law already in force.
