Negotiations over the U.S. crypto market structure framework—often referred to as the CLARITY Act—appear to be nearing another pivotal moment, as a new compromise text circulates among industry and banking stakeholders.

### A compromise that still doesn’t unify crypto

People familiar with the discussions say the latest compromise has drawn wide-ranging reactions from a crypto industry that remains split on priorities. Some stakeholders were reportedly dissatisfied, with Coinbase cited as among the most vocal critics—though the company has not publicly declared outright opposition.

Others, however, were described as “pleasantly surprised,” reflecting a recurring theme in U.S. crypto legislation: the broader market structure package is viewed by many as a once-in-a-decade chance to define regulatory lanes, even if specific sections are painful for certain business models.

### Stablecoin rewards are at the center of the conflict

A major sticking point is how the bill handles stablecoin “rewards” or yield-like programs. According to those familiar with the draft, the text would send key details to regulators for rulemaking—effectively instructing agencies to draft the operational standards for what kinds of rewards are allowed and how they are supervised.

Industry participants worry that subjective or non-neutral standards could emerge, especially given the variety of reward structures that exist (and could exist) in stablecoin products.

Another concern raised: language that might restrict a firm’s ability to tie rewards to the scale of stablecoin transactions or balances in an account, potentially interfering with models that resemble credit-card rewards.

### Market reaction shows how sensitive the issue is

This legislative uncertainty has already had market consequences. Observers linked the latest reporting around the stablecoin-yield compromise to volatility in both Circle and Coinbase stocks, underscoring how regulatory details can quickly translate into perceived winners and losers.

### What happens next

A revised version of the text is expected to be released soon (late this week or early next week). Even if revisions occur, lawmakers may be reluctant to reopen major sections of a long-negotiated bill.

For the crypto industry, the key question is whether a workable compromise can preserve innovation in stablecoin-related consumer products while giving lawmakers enough comfort that “yield” features do not recreate unregulated money-market dynamics.

### What to watch

- Whether the released draft narrows agency discretion and sets clearer statutory guardrails

- How stablecoin issuers and exchanges adjust rewards programs in anticipation of new rules

- Whether the banking lobby publicly supports or opposes the compromise once it is released