Senate Nears Crypto Bill Deal as Stablecoin Dispute Persists

- U.S. lawmakers are progressing toward an agreement on the Digital Asset Market Clarity Act. - The debate over stablecoin yield offerings remains the primary obstacle to Senate approval. On April 2, 2026, Fox Business reported that Coinbase Chief Legal Officer Paul Grewal said U.S. lawmakers are nearing an agreement on the Digital Asset Market Clarity Act. Grewal noted, however, that debates over stablecoin yield remain unresolved. The legislation, which aims to provide a clear regulatory framework for digital assets, has seen its progress in the Senate delayed by these ongoing disagreements. The House of Representatives passed the act on July 17, 2025, but the Senate Banking Committee postponed a scheduled markup for January 2026 and has not yet rescheduled it. Grewal stated that while lawmakers have made substantial progress, the debate over whether to permit stablecoin issuers and platforms to offer yield or rewards remains unresolved. Representatives from the banking industry have raised concerns, fearing that such offerings could cause an outflow of deposits from traditional banking institutions. Grewal disputed this claim, asserting there is no evidence to support fears of a significant deposit flight. Meanwhile, high-profile figures in the crypto sector, including Coinbase CEO Brian Armstrong, have pushed back against proposed amendments that would prohibit stablecoin yield rewards entirely. The legislation has also drawn political attention, with former President Donald Trump accusing banks of deliberately stalling its advancement following a meeting with Armstrong. In response, Armstrong noted that Coinbase could not support the bill in its current form because of the proposed yield restrictions. Industry experts have expressed concerns that further delays in passing the legislation could expose the crypto sector to regulatory crackdowns under future administrations. Meanwhile, the Senate Banking Committee is reportedly targeting the second half of April to resume discussions on the bill. As a result, lawmakers face mounting pressure to reach a compromise ahead of the midterm elections. According to CoinMarketCap, as of 13:08 UTC on April 2, Tether USDt (USDT) was trading at $1.00, a 0.035% increase over the past 24 hours with a trading volume of $80.79 billion. Similarly, USDC was trading at $1.00, up 0.013% in the same period, with a 24-hour volume of $12.15 billion. These stablecoin market dynamics reflect the sector's ongoing importance amid legislative uncertainty.