Crypto journalist Eleanor Terrett said on X that Republican Senator Cynthia Lummis described Senator Josh Hawley as "very resistant" to the CLARITY Act. Hawley previously did not vote in support of the GENIUS Act and is also not expected to back the CLARITY Act, although discussions with his office are still ongoing.
Terrett also said other Republican resistance is tied mainly to banking industry concerns over the bill’s stablecoin yield provisions. According to a source, those provisions are expected to be revised at least in part before the legislation reaches a full House vote, given bank lobbying pressure and concerns from some Republicans. It remains unclear whether any changes would be enough to satisfy banks.
Crypto journalist Eleanor Terrett said in a post on X that Republican Senator Cynthia Lummis described Senator Josh Hawley as "very resistant" to the CLARITY Act.
Terrett wrote that Hawley previously did not vote in support of the GENIUS Act and is also not expected to support the CLARITY Act, though discussions with his office are still ongoing.
Stablecoin yield provisions remain a sticking point
According to a source cited in the post, other Republican resistance is coming mainly from banking industry concerns over the bill’s stablecoin yield provisions.
The source said those yield-related provisions are expected to be adjusted at least in part before the bill is brought to a full House vote, given lobbying pressure from banks and concerns among some Republicans. It is still unclear whether those changes would be enough to satisfy the banking industry.
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