Katie Haun pointed out in an interview that the global payments sector is facing an arms race, with Mastercard entering the stablecoin market through its $1.8 billion acquisition of BVNK. Meanwhile, the CFTC and SEC jointly released guidance, and Congress urgently needs to advance the CLARITY Act. She believes AI will increasingly participate in trading, with stablecoins serving as the foundational infrastructure supporting this transformation.

Gate News reports that on March 21, a CEX Chief Executive Officer Vlad Tenev posted on X stating that the industry is at an important inflection point in its development. He pointed out that if Congress passes the CLARITY Act, the industry will finally obtain the regulatory certainty it has long advocated for. He believes that the current key controversy lies in determining whether customers should earn yield from the stablecoins they hold.

On March 20, the U.S. Senate saw a breakthrough in stablecoin yield legislation discussions, with the key focus on building a compromise framework. Senators pointed out that the emphasis has shifted toward identifying stakeholders rather than bill details, while the White House maintains a cautious stance. The latest discussions plan to limit the use of traditional financial terminology, aimed at reducing regulatory pressure. Stablecoin-related business has become an important part of platform revenue, and policy changes could impact business models. The probability of the bill passing in 2026 is estimated at 61%.

# Key Variable Emerges in U.S. Stablecoin Regulation A research report from the White House Council of Economic Advisers has become a focal point of controversy, arguing that stablecoins have limited impact on traditional bank deposits. Multiple Republican senators are demanding the report be made public to advance the Digital Asset Market Transparency Act. Signals from the Treasury Secretary indicate support for easing bank capital constraints, with policy pathways at a critical juncture.

Negotiations on the U.S. cryptocurrency market structure CLARITY Act are nearing a deal, with updated text submitted to the White House and the Senate discussing bridging final differences. A compromise on stablecoin yield is imminent, while some concessions for community banks remain under discussion. Meanwhile, the SEC released a definition framework for classifying crypto assets, emphasizing the need for Congress to rewrite legislation.

On March 19, if the CLARITY Act passes, a certain CEX may face restrictions on stablecoin rewards, affecting its user attraction strategy. Despite the potential ban, analysts believe the impact on the CEX is limited, as its trading and derivatives remain important revenue sources. The CEO emphasized the importance of stablecoin incentives to maintain competitiveness.

The Senate Banking Committee plans to review the Clear Act in the latter half of April to address controversies in digital asset legislation. Stablecoin yield provisions represent the biggest obstacle, with compromise proposals taking shape. The bill needs to pass before May 21 to avoid scheduling pressures from the midterm elections, with the next few weeks determining the legislative progress.

As the convergence of AI and stablecoin payments accelerates, Visa has launched the Visa CLI tool, which enables AI agents to complete payments directly, enhancing automation levels. Meanwhile, Tempo, backed by Stripe, has launched with a machine payment protocol to meet the high-frequency trading needs of AI. AI agents are gradually becoming economic participants with autonomous trading capabilities, and in the future may accelerate the realization of automated procurement and cross-border payments.

Gate News reports that on March 19, U.S. Republican Senator Cynthia Lummis posted on Twitter: "Clear rules, regulations, and jurisdiction—that is what the CLARITY Act is all about. It is time for the digital assets market framework to finally take shape."

Gate News, on March 18, according to crypto journalist Eleanor Terrett's report, Senator Lummis stated that the Clarity Act (cryptocurrency regulatory bill) will be completed by the end of the year no matter what. She also indicated that the banking committee is expected to review the bill in the second half of April, after the Easter holiday.