White House Advisor: "<Clear Act>" Multiple Disagreements Slowly Resolving, Stablecoin Yield Compromise Expected to Hold

BlockBeats News, April 14th - Patrick Wheat, Executive Director of the White House Digital Asset Presidential Advisory Board, stated on Monday that substantive progress is being made in Senate negotiations regarding the Digital Asset Market Clarity Act. The compromise solution previously reached on the stablecoin yield issue is expected to be maintained, and the focus of the negotiations has shifted to other unresolved issues.

The stablecoin yield issue was previously the biggest obstacle to the advancement of the bill. Banking industry lobbying groups successfully persuaded some senators that providing stablecoin holders with interest-like yield would threaten the traditional banking deposit base, causing the bill to be deadlocked. Wheat stated: "We hope that the agreed-upon compromise solution will be durable and stable. Resolving this issue is a prerequisite for advancing other outstanding matters." Last week, the White House economic advisers released a report downplaying the risk concerns raised by the banking industry; in response, the American Bankers Association rebutted on Monday, stating that the White House's arguments were flawed.

In addition to the stablecoin yield, the bill also faces several disagreements, including illegal financial protection mechanisms in the DeFi field and a demand put forward by the Democratic Party to prohibit government senior officials (directed at former President Trump) from profiting from the crypto industry. Wheat did not disclose which issues have reached a consensus but stated that the negotiations "have made significant progress behind the scenes," and said, "We are very close to fully addressing these issues."

Before the Clarity Act is submitted for a full Senate vote, it still needs to go through the Senate Banking Committee's markup review process. Wheat stated that many seemingly deadlocked issues have been gradually resolved, leading him to be optimistic about reaching a final agreement.