Final Stablecoin Yield Text Expected as Clarity Act Talks Continue; Anchorage, Chainlink Back Hybrid PAC
As lawmakers break for Easter recess, behind-the-scenes work on the Clarity Act continues while crypto ramps up for the midterms
Welcome to the Monday edition of the Crypto In America newsletter!
What you’ll read: A final stablecoin yield compromise is expected to be released publicly this week; members of the Digital Chamber launch a hybrid PAC. Plus, what to watch and a look back at Friday’s and weekend headlines.
Congress is out for two weeks on Easter recess, but behind the scenes work on the Clarity Act is set to ramp up.
Senators are expected to release final legislative text this week detailing the revised stablecoin yield and rewards compromise, including how crypto firms can offer rewards without driving deposit flight from banks.
The revised version follows industry dissatisfaction with an earlier draft agreed to by Sens. Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) and the White House, which some stakeholders, including Coinbase and Stripe, balked at after review. Under that proposal, companies would be barred from offering yield “directly or indirectly” on passive stablecoin balances or anything equivalent to interest, while still allowing activity-based rewards.
A Tillis spokesperson told Crypto In America that the new text follows conversations with industry stakeholders, including banks.
With the Banking Committee now eyeing the last two weeks of April for a potential markup, that leaves about three weeks for industry and lawmakers to resolve other remaining issues before another push to move the Clarity Act out of committee and onto the Senate floor. Outstanding quibbles around DeFi, token classification and tokenization are expected to shape the final days before Chairman Tim Scott (R-SC) puts a markup on the calendar.
Anchorage Digital Backs New Crypto Hybrid PAC
Anchorage Digital is jumping into crypto’s campaign finance arena.
The crypto custodian, alongside Chainlink, is a founding member of the Blockchain Leadership Fund, a new bipartisan hybrid PAC launched by members of the Digital Chamber to advance pro-crypto regulation in the U.S. The firm also made an undisclosed donation.
It marks a first for Anchorage, which has maintained a steady lobbying presence on Capitol Hill but until now has not committed funds to a pro-crypto political effort.
Structured as a hybrid PAC, meaning it can both donate directly to candidates and spend independently, the Blockchain Leadership Fund is one of a handful of crypto-friendly political groups to emerge since the 2024 election, when corporate crypto money, funneled largely through the super PAC Fairshake and its affiliates, helped elect dozens of pro-crypto members of Congress and return Donald Trump to the White House.
In the year and a half since, the landscape has shifted in crypto’s favor, but Anchorage CEO Nathan McCauley tells Crypto In America the work is far from over.
“In 2026, with market structure legislation on the table and regulatory frameworks being written in real time, sitting on the sidelines is itself a political choice,” he said. “The choices we make now will shape the regulatory environment for a generation, which isn’t something we can afford to leave to chance.”
For Anchorage, the change in administration led to the lifting of its 2022 OCC consent order over compliance issues, which the company says were tied to the Biden administration’s tough stance on digital assets. The passage of the GENIUS Act also solidified its stablecoin business, creating new revenue streams in issuance, reserve custody and compliance services, and positioning Anchorage as a regulated backend for stablecoins.
The firm’s entry into campaign finance comes as the crypto industry ramps up its midterm effort. Last week, Stand With Crypto rolled out its 2026 campaign roadmap with early endorsements and a targeted strategy to mobilize pro-crypto voters. Fairshake said it has more than $193 million on hand to support pro-crypto candidates and oppose anti-crypto ones, backed by contributors including Ripple, Coinbase and a16z.
👀 What To Watch This Week
Monday
House and Senate are out on Easter break.
10:30 a.m.: Fed Chair Jerome Powell takes part in a moderated discussion at Harvard University.
Tuesday
FTX Recovery Trust will distribute about $2.2 billion to creditors in its fourth payout under the exchange’s Chapter 11 plan.
9:00 a.m.: Chainalysis holds its annual two-day Links conference in New York City.
10:00 a.m.: The Conference Board publishes consumer confidence data.
3:00 p.m.: Fed Governor Michael Barr discusses stablecoins and the GENIUS Act with the Federalist Society.
Wednesday
8:30 a.m.: The Commerce Department releases delayed retail sales data for February.
Friday
8:30 a.m.: Jobs Friday: We get the latest non-farm payrolls and unemployment rate from the Bureau of Labor Statistics.
Weekend News Flash
ICYMI: The biggest headlines from Friday and the weekend.
David Sacks’ time as White House Crypto and AI Czar has come to an end as he steps into a new position as co-chair of the President’s Council of Advisors on Science and Technology.
The Senate Banking Committee is set to hold Fed Chair nominee Kevin Warsh’s confirmation hearing as early as the week of April 13, according to Punchbowl.
Reps. Max Miller (R-OH) and Steven Horsford (D-NV) unveiled a bipartisan bill, the PARITY Act, a revised tax package for digital assets that notably includes a de minimis tax exemption for stablecoins but not other digital assets.
NYSE parent ICE invested another $600 million in Polymarket, bringing its total investment in the platform to $1.6 billion.
Tether has hired KPMG and PwC, two of the Big Four accounting firms, to conduct the first-ever audit of its USDT reserves, according to the Financial Times.
Remember, new editions of the Crypto In America newsletter drop every Monday and Wednesday.
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The behind-the-scenes dynamics on the yield provision are what matter most here. The "compromise" framing in leaked texts suggests they're trying to thread a needle that may not exist: banks want stablecoins to be non-yield-bearing so they're not competing with deposits, while DeFi protocols need yield to remain relevant. Circle's 22% stock drop on the leaked text signals the market sees which direction this is heading. If yield gets banned outright, the winners are: Tether (offshore), DeFi protocols (decentralized yield), and Bitcoin (hard asset that doesn't depend on regulatory permissioning). The midterm angle is underreported — crypto PAC spending is at record levels and these lawmakers know it. The Anchorage/Chainlink hybrid PAC is exactly the kind of infrastructure that changes floor votes. I've been tracking the CLARITY Act closely at Beyond The Coin — the stablecoin yield battle is the most consequential policy fight in crypto right now, and most coverage is still treating it as a technical detail.