“The CCI has made it clear that we do not share the concerns regarding deposit withdrawals linked to stablecoin usage,” Kim stated on X. He emphasized that the proposed changes “extend WELL BEYOND” the scope of the GENIUS Act, affecting all participants in the digital asset market.
Kim urged the committee to progress the bill nonetheless. “Our ultimate goal is to position the United States as a leader in the cryptocurrency space—this is the future. We respectfully encourage the Senate Banking Committee to move forward with the markup. The moment is now,” he expressed.
Dante Disparte, Chief Strategy Officer at Circle, the issuer of USDC and EURC stablecoins, fully supported the agreement.
“The current compromise regarding stablecoin yields marks significant advancement in the negotiations surrounding the CLARITY Act,” Disparte remarked, highlighting USDC’s role in cross-border transactions, capital market collateral, and decentralized commerce.
“The U.S. faces a definitive choice in the realm of digital assets: to lead or to follow,” he stated. “The progress made today is a promising indication that the U.S. is opting to take the lead.”
Coinbase had significant stakes in the discussions. CEO Brian Armstrong tweeted “Mark it up” following the announcement. Chief Legal Officer Paul Grewal noted that the updated language maintains activity-based incentives linked to genuine engagement on cryptocurrency platforms, which was a demand from banking lobbyists.