U.S. Representative French Hill calls on the Senate to advance a bill on crypto market structure, with the controversy over stablecoin yields becoming a focal point.

U.S. Representative French Hill, a Republican, stated at the Milken Institute's "Future of Finance" event on Tuesday that the Senate should consider directly advancing the House-passed crypto market structure bill to break the current legislative deadlock surrounding stablecoin yields. For the past year, both houses of Congress have been pushing for a comprehensive regulatory framework for the crypto industry. In 2025, the House passed the CLARITY Act (Clarity for Digital Asset Markets Act), which received bipartisan support, including 78 Democratic votes. However, the bill does not explicitly address stablecoin yields, an issue that has become a major point of contention in the Senate debate. The core of the controversy lies in whether platforms can offer yield rewards to users who hold or use stablecoins. The previously passed GENIUS Act prohibits stablecoin issuers from directly paying interest to holders, but it does not prohibit third-party platforms like Coinbase from offering rewards to users. The banking industry argues that allowing stablecoin yields would lead to a loss of traditional bank deposits and impact community banks; while the crypto industry argues that restricting yields would stifle innovation, noting that this issue was thoroughly discussed during the GENIUS Act review process. Hill stated that if the Senate cannot reach an agreement on the issue, the relevant provisions of the House version of the CLARITY Act can be used to advance legislation. He pointed out that the bill has received broad bipartisan support and can serve as a solution. It is understood that the White House has convened several meetings with representatives from the banking and crypto industries over the past month, hoping to reach a consensus by early March. However, sources familiar with the matter indicated that although differences remain, this does not mean that the US crypto market structure bill will ultimately fail to pass.