“Now or Never”: The CLARITY Act Nears a Senate Vote

TLDR

• Crypto leader Chris Perkins states the industry will be “just fine” even should the CLARITY Act fail to pass Congress
• The SEC and CFTC are already developing regulatory frameworks to provide crypto firms with the clarity they require
• Senators Tillis and Alsobrooks unveiled a stablecoin yield compromise— the final major hurdle in the bill
• The agreement bans yield that mimics bank deposits but permits rewards linked to actual platform activity
• Coinbase, Circle, and the Blockchain Association all supported the compromise and pushed the Senate Banking Committee to advance the bill

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(SeaPRwire) –   The CLARITY Act is inching closer to a Senate vote now that legislators have resolved one of its most challenging issues: how to address stablecoin yield. Yet even if the bill doesn’t pass, at least one prominent crypto executive believes the industry will endure.

BREAKING: NEW CLARITY ACT LANGUAGE PROHIBITS PASSIVE YIELD BUT ALLOWS ‘BONA FIDE’ REWARDS

Recently released Senate text would prevent crypto companies from offering yield simply for holding stablecoins in a bank-like way, while still permitting ‘bona fide’ rewards tied to platform activity and… pic.twitter.com/aYALWh3nio

— Coin Bureau (@coinbureau) May 2, 2026

Chris Perkins, CEO of 250 Digital Asset Management, appeared on Cointelegraph’s Chain Reaction podcast last Friday. He noted the crypto industry currently has all the resources it needs, even without new legislation.

Perkins highlighted the SEC led by Chair Paul Atkins and the CFTC under Chair Michael Selig, stating both regulators are crafting policies and setting precedents every day.

“These agencies are giving us the one thing we’ve long needed — certainty, stability, and ultimately, a taxonomy,” Perkins said.

He also observed a significant shift in how security classification impacts crypto projects. Under former SEC Chair Gary Gensler, a security label meant enforcement actions, delistings, and no clear path forward. That has since changed.

“In the past, being a security was a death sentence. Now it’s great to be a security,” Perkins said.

Perkins added that a passed law would be harder for future administrations to reverse. “It takes an act of Congress to make something happen — and undoing a law is even more challenging,” he said.

The Stablecoin Yield Compromise

Last Friday, Senators Thom Tillis and Angela Alsobrooks published compromise language on stablecoin yield, the final major barrier to the bill’s progress.

The new wording prohibits crypto firms from paying interest or yield on stablecoin balances in a bank deposit-like manner. However, it allows rewards tied to real platform usage and transactions.

Firms will need to shift their reward programs from a “buy and hold” model to a “buy and use” approach to comply.

Blockchain Association CEO Summer Mersinger called it a step in the right direction. She warned that each day without a legal framework drives talent and capital out of the U.S.

Circle’s Chief Strategy Officer Dante Disparte fully backed the deal, pointing to the growth of USDC in payments and capital markets.

Coinbase had the most at stake. CEO Brian Armstrong posted “Mark it up” after the text was released. Chief Legal Officer Paul Grewal said the language protects activity-based rewards tied to genuine platform participation.

Industry Concerns Remain

The Crypto Council for Innovation endorsed the bill but raised concerns. CEO Ji Hun Kim said the new language goes further than last year’s GENIUS Act, which only barred issuers from paying rewards. The updated text applies to all digital asset market participants.

Kim still urged the committee to move forward. “The north star is to ensure that the U.S. can lead on crypto,” he wrote on X.

Senator Bernie Moreno expects the CLARITY Act to pass by the end of May. Senator Cynthia Lummis said in April: “It’s now or never.”

The Senate Banking Committee had earlier postponed a markup session in January.