Republican concerns over CLARITY Act grow on stablecoin yield provision

Republican Sens. Mike Rounds and James Lankford have raised concerns about the CLARITY Act’s stablecoin yield provisions, Punchbowl reporter Brendan Pedersen said. Rounds said he supports advancing the bill as part of efforts to put safeguards in place for the crypto industry, but cannot give final backing until the stablecoin yield provision is revised. Lankford also said he still has unresolved questions about concerns that stablecoin yield could weaken the deposit base of community banks. According to Pedersen, the number of Republican lawmakers hesitant about the CLARITY Act could be as high as five, and that figure could rise further if Sens. Rand Paul and Josh Hawley, who opposed the GENIUS Act, are included.