Senate bipartisan efforts to revise GENIUS stablecoin yield rules, CLARITY bill advances soon

Odaily Planet Daily reports that sources reveal that bipartisan senators are gradually accepting lobbying efforts from the banking industry to modify the stablecoin yield rules in the GENIUS Act. The proposed adjustments include: adopting the plan proposed by Senator Alsobrooks, which limits yields to the trading phase (more supported by Democrats); or requiring that only institutions holding a U.S. Office of the Comptroller of the Currency (OCC) banking license can offer stablecoin yields. The latter is considered more friendly to certain sectors of the crypto industry but is more controversial in the DeFi space.

Additionally, sources say Scott is expected to submit the House version of the CLARITY Act tonight as placeholder text to initiate next week’s review process. The official text must be submitted by midnight on Monday at the latest.

Another industry insider who has communicated with Senate staff said that the previous statement about “needing to pray to pass the bill” was more of a lighthearted joke rather than a pessimistic view of the legislative prospects. The final outcome is expected to become clearer in the coming days.