There are rumors that the White House and US lawmakers have reached a tentative agreement on the viability of stablecoins, potentially moving forward the CLARITY cryptocurrency market structure bill.
According to Friday Politico, Republican Sen. Thom Tillis and Democratic Sen. Angela Alsobrooks, both members of the Senate Banking, Housing and Urban Affairs Committee, have reached an “agreement in principle.” report.
“I think it will allow us to protect innovation, but it will also give us the opportunity to prevent widespread deposit flight,” Alsobrooks said, adding that the agreement prohibits the return of stablecoins from “passive balances.”
Specific details of the potential deal have yet to be released, and Senator Tillis said the cryptocurrency industry needs to vet the deal before it is finalized.
Cointelegraph reached out to the White House for details of the potential deal but had not received a response by the time of publication.
Speech at Wednesday’s DC Blockchain Summit, Wyoming Sen. Cynthia Lummis, one of the biggest digital asset policy advocates on the Hill, said, “We are so close” to adopting a comprehensive regulatory framework for cryptocurrencies.
A spokesperson for Senator Lummis told Cointelegraph on Wednesday that the agreement is expected to be implemented “in the next few days” and that Senator Lummis is working to refine the ethics language in the bill.
The Digital Asset Market Clarity Act of 2025, also known as the CLARITY Act, is a major piece of cryptocurrency legislation and was widely expected to pass without issue once the GENIUS stablecoin law was signed into law.
However, the bill stalled in January after major industry players, including cryptocurrency exchange Coinbase, expressed concerns, including whether stablecoin issuers would be able to share profits with token holders.
Related: The CLARITY Act threatens to hand over cryptocurrencies to centralized players: Gnosis exec
Banks fear that the act will reduce market share and cause deposit flight
The banking sector opposes income-producing stablecoins, citing concerns about the outflow of bank deposits, which yield well below 1%, and the erosion of banking market share.
Patrick Witt, executive director of the White House Council of Advisors on Digital Assets, said these concerns are overblown.
Witt said a wave of fresh capital would likely flow into the U.S. banking sector if dollar-pegged stablecoins are legalized and regulated.
Warehouse: Crypto wanted to overthrow banks, now it is becoming them in the fight for stablecoins
