Rep. French Hill Urges Senate to Pass Bipartisan Clarity Act Amid Crypto Market Structure Stalemate

U.S. Representative French Hill, the lead Republican on the House Financial Services Committee, has called on the Senate to pass the bipartisan Clarity Act to end the legislative impasse over cryptocurrency market structure, The Block reports. The dispute centers on stablecoin yield treatment, as last year's GENIUS Act bars issuers from paying interest directly but allows third-party platforms like Coinbase to offer rewards, prompting strong opposition from banks concerned about deposit outflows. The Treasury's Office of the Comptroller of the Currency has proposed rules to implement the GENIUS Act and is seeking public comment, which analysts say could provide an alternative path to resolve the issue.