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Bitcoin climbed close to $82,000 on Tuesday after the Senate Banking Committee scheduled Thursday for its long-delayed markup of the CLARITY Act, a development that boosted expectations for comprehensive U.S. digital asset regulation.
Circle CEO Jeremy Allaire discussed the bill’s status and implications on Fox Business shortly after the announcement.
Allaire described the CLARITY Act as a critical measure for both the digital asset industry and the broader financial system. He said it would establish a regulatory pathway for digital token issuance, market structure, and supervision—areas the industry has sought for years.
On the stablecoin yield compromise, Allaire said Circle views the outcome positively. He noted that under the current text, platforms cannot simply offer passive yield on stablecoin balances in the same way a bank pays interest on deposits. Instead, he said rewards must be tied to actual utility, usage, transactions, payments, and other activities.
“That is really where we see the benefits of this technology, in its utility, not just as a passive way to hold value,” Allaire said. “We think it is a great compromise.”
Allaire also acknowledged the compromise has not satisfied everyone. He said neither digital asset platforms nor banks received everything they wanted, and suggested that partial dissatisfaction can be a sign of reaching a workable middle ground.
“When not everyone is happy with every dimension, that may be a sign of ultimately finding a good compromise,” he said.
Regarding the bill’s prospects, Allaire said, “It is very clear this is a top agenda item for the President and for Congress. For those reasons I think the CLARITY Act is well on its way to becoming law.”
Fox Business reported that it obtained a letter from major banking trade groups outlining their central concern. The banks argued the legislation could enable crypto platforms to offer interest-like rewards on payment stablecoins, potentially encouraging deposit flight from traditional banks into crypto platforms.
Allaire disputed that framing. He said the GENIUS Act, which governs Circle and USDC directly, already prohibits paying interest directly to stablecoin holders. In his view, the CLARITY Act builds on that framework rather than creating a loophole.
The Senate Banking Committee markup scheduled for Thursday at 10:30 AM EST is described as the most significant checkpoint the bill has faced. If the bill clears the committee, the full Senate would still need to vote before it can reach President Trump’s desk.
The White House is targeting July 4 for the final signature. Thursday is therefore positioned as the point where the timeline either remains on track or encounters its most serious test.
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