White House Report Challenges Stablecoin Yield Ban, CLARITY Act Advances in Senate

Gate News message, April 15 — The White House Council of Economic Advisers released a research report finding that banning stablecoin yields provides limited protection for bank lending while significantly reducing consumers' ability to earn returns through digital cash. The report directly undermines banking industry arguments supporting a yield ban and provides new policy backing for the CLARITY Act.

Treasury Secretary Bessent and SEC Chair Atkins have both publicly expressed support for the legislation, indicating alignment between the administration and regulatory agencies. However, the Senate Banking Committee has not yet released a timeline for reviewing the bill, leaving political dynamics as a key variable.

Analysts note that if the committee completes its review before the summer recess, passage probability would increase significantly. Failure to meet this deadline could expose the bill to election pressures and legislative delays.