The Clarity Act is still not dead. Patrick Witt, White House crypto advisor, even says he is “optimistic” before the next vote scheduled in the Senate on September 15. The text exceeds 600 pages and must give the United States a federal framework for the crypto market. However, an old problem returns to complicate discussions: the rewards paid on stablecoins.
In brief
- The Senate plans a new phase of the Clarity Act on September 15.
- The compromise on stablecoin rewards comes up in discussions.
- The ethics rules targeting Donald Trump’s crypto activities also remain to be resolved.
Crypto is now waiting for September 15
US senators are currently enjoying their summer break. They are due to return to Washington in mid-September. The Clarity Act awaits them. The text has been seeking for months to clarify the powers of the SEC and the CFTC in the crypto market. The House of Representatives had already adopted its version in July 2025.
In the Senate, things take much longer. Republican Majority Leader John Thune has scheduled a closing vote for September 15. This procedure would make it possible to move towards a vote on the text by limiting the debates.
Patrick Witt wants to believe it. The White House crypto advisor explained on Tuesday that the Republicans intended to take advantage of the coming weeks to discuss with the Democrats and resolve still open disagreements. He says he is “optimistic and confident”. The schedule leaves little margin. The Senate returns in September before another interruption in October.
Stablecoins return to the table
Washington thought he had found a compromise. Banks have for several months refused to allow crypto platforms to pay returns simply because a user keeps stablecoins in their account. In particular, they fear direct competition with bank deposits.
The crypto industry defends these programs. A compromise negotiated by senators Angela Alsobrooks and Thom Tillis was expected to calm both camps. It would ban rewards given solely for holding the stablecoin.
Payments and certain transactions could, however, continue to be eligible for rewards.
The matter seemed settled.
Not really anymore.
Tim Scott, Republican chairman of the Senate Banking Committee, acknowledged on Tuesday that the stablecoin problem had resurfaced. We will therefore have to reopen discussions. This debate had already caused several postponements of the Clarity Act in the spring. Banks and crypto companies are returning to a months-old battle.
The subject matters a lot for exchanges. Rewards programs are a profitable business and allow stablecoins to compete more directly with some traditional financial products.
No one really wants to give in.
Trump also remains in the negotiations
Stablecoins are not the only obstacle. Democrats still want to strengthen provisions regarding politicians’ crypto interests. Donald Trump himself has several financial ties to the sector.
A first proposal would prevent public officials and their spouses from issuing or promoting certain digital assets. They could always invest. The measure also provides for its expiration in January 2029.
Another proposal by Senators Ruben Gallego and Thom Tillis would allow state attorneys general to enforce some of these rules. Trump is still considering this version. Cynthia Lummis doesn’t know what he will decide.
Meanwhile, US stablecoin regulation is moving forward on another front. The Treasury has just published new rules preparing the application of the GENIUS Act. The Clarity Act will then have to be articulated with this framework. Patrick Witt remains confident. September 15 will tell whether the Senate shares his optimism.
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