Lummis Says Hawley Still Opposes CLARITY Act, Stablecoin Yield Provisions May Be Revised

Divisions within the Republican Party over the CLARITY Act, a digital-asset market structure bill, continue, and some stablecoin provisions may be revised in response to opposition from the banking industry.

Sen. Cynthia Lummis said on the CryptoAmerica podcast on July 30 that Republican Sen. Josh Hawley still opposes the CLARITY Act.

"Hawley is very resistant to the bill," Lummis said. "He previously voted against the GENIUS Act," a stablecoin bill, "and I expect him to vote against the CLARITY Act as well." Discussions with Hawley’s office are still ongoing, she added.

Lummis also said another concern among Republicans involves provisions related to stablecoin yield. Those provisions have drawn strong opposition from the banking industry, and some Republican lawmakers have also raised concerns.

Eleanor Terrett said the stablecoin yield provisions could be revised before the CLARITY Act reaches the Senate floor, given bank lobbying and concerns from some Republican lawmakers. It remains unclear whether any changes would go far enough to satisfy the banking industry, she added.

Still, Lummis said she remains hopeful the CLARITY Act can pass during the current session. Talks with Senate leadership are continuing, and negotiations to advance the bill are still underway.