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Senators, White House Reach 'Agreement in Principle' on Stablecoin Yield
Two U.S. senators have reportedly reached a tentative deal on stablecoin yield, which has gained the blessing of the White House.
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According to Politico, U.S. Senate Banking Committee Members Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) have struck "an agreement in principle" with each other and the White House on stablecoin yield legislation.
What's the Scoop?
- New Agreement: In an interview with Politico last Friday, Senator Alsobrooks indicated that a tentative agreement has been reached with Senator Tillis regarding outstanding legislative issues around stablecoin yield. Although the exact details of the agreement remain unknown at this time, Alsobrooks confirmed it will ban yield payments “on a passive balance.”
- Bipartisan Support: Politico also reported that Senator Tillis "think[s] we have an agreement" with the White House. Following the publication of Politico's story, White House crypto policy adviser Patrick Witt posted to X, crediting Tillis and Alsobrooks “for bridging the partisan divide to tackle a difficult issue."
- Forward Momentum: Earlier last week, Senator Tillis reiterated that lawmakers are “very close” to reaching an agreement on stablecoin yield. Meanwhile, Senator Cynthia Lummis (R-WY) signaled that another crypto bill could progress into the markup stage by April (at which time it would become available for public review).
