US Senate Bipartisan Lawmakers Inclined to Adjust GENIUS Stablecoin Yield Rules

January 10 - According to sources, bipartisan senators are gradually accepting demands from banking lobbying groups to adjust stablecoin yield rules in the GENIUS Act.

Adjustment paths include: adopting Senator Alsobrooks' proposal to limit yields to trading transactions (more favored by Democrats); or requiring only institutions holding US Office of the Comptroller of the Currency (OCC) bank charters to provide stablecoin yields, the latter considered more friendly to parts of the crypto industry but controversial in DeFi.

Additionally, sources indicate Scott is expected to submit the House version of the CLARITY Act as placeholder text tonight to initiate review next week, with the formal text required to be submitted no later than Monday midnight. Industry insiders participating in communications with Senate staff noted that previous remarks about needing "prayer to pass the bill" were more lighthearted jokes rather than pessimistic assessments of legislative prospects, with the final direction likely to become clearer in the coming days.