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Galaxy Digital CEO warns stablecoin yield dispute could sink CLARITY Act market structure bill

Galaxy Digital CEO Mike Novogratz said on Jan. 21 that disputes over stablecoin yield mechanisms could cause the broader CLARITY Act market structure legislation to fail, BlockBeats reports. He noted banks oppose crypto platforms offering yield to users despite explicit permission in the GENIUS Act, arguing rejection may reflect fear of disrupting the existing financial order. Novogratz said if the issue stalls the package, responsibility would fall primarily on the banking sector and Republican and Democratic senators backing it, with U.S. consumers becoming the biggest losers. Stablecoin yield accounts for about 18-20% of Coinbase's total revenue in 2025.
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