The competition for stablecoin yields continues, and French Hill urges the Senate to adopt the House's cryptocurrency bill

According to The Block, amid ongoing disputes over stablecoin yields, senior Republican in the U.S. House of Representatives, French Hill, has suggested that the Senate directly adopt the House-passed cryptocurrency market structure bill, the CLARITY Act, to advance the legislative process.

The bill was passed with bipartisan support in the House last year but did not address the current contentious issue in the Senate—the stablecoin yield problem. Hill stated that if the Senate cannot reach a clear conclusion, it is advisable to adopt the House version, which has the support of 78 Democrats, as a solution. He also pointed out that the Treasury could intervene, as the OCC has already released a proposal and sought public comment on the implementation of the GENIUS Act last week.