US senators and the White House reach agreement in principle on the handling of stablecoin yields.

Odaily Odaily reports that key negotiators in the US's push for crypto legislation have reached a "principle agreement" on how stablecoin yields will be handled, an issue that has become one of the core points of contention in the passage of the crypto market structure bill. Senators Angela Alsobrooks and Thom Tillis reached the agreement with the White House. Alsobrooks' spokesperson, Connor Lounsbury, stated that the agreement aims to protect stablecoin innovation and prevent deposit outflows; however, ethical and illicit financial issues in broader legislation remain to be addressed to secure broad bipartisan support from the Senate Banking Committee. White House official Patrick Witt posted on the X platform that the principle agreement is a "major milestone" in pushing for the passage of the CLARITY Act, adding that other outstanding issues still need to be resolved. The GENIUS Stablecoin Act, passed in July, prohibits stablecoin issuers from directly paying interest to holders, but does not prevent third-party platforms like Coinbase from offering rewards; the Senate Banking Committee plans to hold hearings next month after the Easter recess to amend the bill and vote on it. (The Block)