"Clarity Act" Stablecoin Yield Provisions Exposed: Activity Rewards Allowed, Balance Yield Prohibited

Recently, the cryptocurrency industry has for the first time encountered legislative language regarding stablecoin yields in the revised version of the "Digital Asset Market Clarity Act," though the provision's initial impression is that its scope is overly narrow and its meaning lacks clarity.

According to sources familiar with the matter, new provisions announced Friday by Senators Angela Alsobrooks and Thom Tillis will prohibit yield payments solely for holding stablecoins, restrict any practices equivalent to bank deposits, and impose further restrictions on other potential activities.

Specifically, the banking industry has firmly advocated that stablecoin yields should never involve interest calculations similar to bank deposits, as such competitive products could weaken banking operations and inhibit lending.

As a compromise, the new bill allows reward programs based on user stablecoin activities (rather than balances). This adjustment is intended to break the legislative deadlock and enable the bill to receive a hearing opportunity before the Senate Banking Committee.

Currently, the "Clarity Act" is making significant progress. Last year, a similar version of the bill was approved by the House of Representatives, and another version also passed a marked hearing at the Senate Agriculture Committee.

The Banking Committee's review ahead is crucial; after passage, lawmakers can prepare the final merged version for submission to a full Senate vote.

Despite reaching preliminary compromises on stablecoin yield issues, legislators still need to address controversial provisions including DeFi regulatory approaches and prohibiting senior government officials from profiting from the cryptocurrency industry, which will continue to affect the bill's final passage and implementation.

Although last year's "Guidance and Establishment of American Stablecoin National Innovation Act" became the first major U.S. law governing the cryptocurrency industry, regarded as a significant victory, it is only the first step of a "two-step" policy approach, ultimately to conclude with the "Clarity Act."

In summary, if cryptocurrency can fully enter the U.S. financial system, it will eliminate regulatory uncertainty facing investors hesitant about participating in this industry, which will also clear final obstacles for institutional investors and technology developers.

#CLARITY法案 # Stablecoin Yields