U.S. President's Digital Asset Advisor Patrick Harker has confirmed that efforts are actively underway to advance the clarity bill for the digital asset market in the Senate. The core objective of this bill is to establish a clear legal framework for the digital asset market in the United States.
Under Harker's leadership, both Republican and Democratic senators have engaged in negotiations, successfully breaking through the contentious issue of stablecoin yields. The banking sector had previously expressed strong concerns about allowing banks to offer interest on stablecoin holdings similar to deposit accounts, fearing it could undermine their own deposit base.
Earlier this year, due to pushback from bankers, the original plan for a Senate Banking Committee vote on the bill was postponed. However, recent negotiations have reached a consensus, with both sides finding common ground on the stablecoin yield structure.
Harker expressed hope that this newly reached consensus would hold. He added that after addressing the stablecoin issue, attention has shifted to other contentious points in the bill, with significant progress made in several areas.
Regarding the clarity bill, while Harker did not specify which issues have been fully resolved, he emphasized that, aside from the heated debates surrounding stablecoins, behind-the-scenes progress is continuously increasing. He noted that lawmakers are nearing the final stages and are approaching solutions to issues previously deemed unsolvable.
The bill still requires formal hearings in the Senate Banking Committee. If this legislative step is successfully passed, the clarity bill will then proceed to the Senate for a full vote to gain final approval and implementation.
Last week, White House economic advisors released a report clarifying that stablecoin yields are similar to deposit interest and do not pose a risk to the banking sector. However, the American Bankers Association opposed this conclusion, arguing that the government's approach has significant flaws.
Harker pointed out that the relationship between bank representatives and new technologies often influences their perspectives. Banks that are more closely engaged with emerging technologies tend to have a more positive view of stablecoins, while others continue to see them as a threat.
Harker emphasized that many issues that once seemed unsolvable are now showing signs of being surmountable in recent progress. The upcoming decision in the Senate is expected to set a crucial precedent for the digital asset market and impact future stablecoin regulation.