New crypto bill looks at stablecoin yield, but passage still unlikely

• Key insight: Republicans' new text gives state attorneys general enforcement power over bans on federal officials owning crypto interests, but also puts up roadblocks to enforcement and lets federal officials put existing assets into a blind trust. 
• Forward look: The package can go up for a procedural vote on Tuesday afternoon. 
• What's at stake: The text also makes some changes to the stablecoin yield issue, but the changes are unlikely to lead to support from the banking industry and its allies.

WASHINGTON — The Senate could take a procedural vote on crypto market structure as early as Tuesday afternoon, but it's unclear if the most recent version of the legislation released by Republicans will be enough to win sufficient Democratic support to pass. 
Republicans' new CLARITY Act text includes a number of concessions, particularly on ethics and stablecoin yield. But neither go as far as either Democrats or banking groups want. 

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Republicans need a number of Democrats to sign on to the bill as well as their own entire caucus — including bank-friendly lawmakers on their own side of the aisle — to be fully on board.

The new text, released late Sunday evening, gives state attorneys general the power to enforce ethics provisions — including one barring federal officials, including the president or his spouse, from sponsoring cryptocurrencies, or owning significant crypto interests. It does not, however, require federal officials to fully divest crypto assets, instead allowing officials to move their crypto assets into a blind trust.