The cryptocurrency industry recently received its first legislative language regarding stablecoin yields in the revised version of the "Digital Asset Market Clarity Act," though the provisions left an initial impression of being too narrowly scoped and insufficiently clear in expression.
According to informed sources, new provisions announced Friday by Senators Angela Alsobrooks and Thom Tillis will prohibit payments of yields solely based on holding stablecoins, restrict any practices equivalent to bank deposit interest, and impose further limitations on other potential activities.
Specifically, the banking industry has firmly advocated that stablecoin yields must never resemble bank deposit interest-bearing arrangements, as such competitive products could weaken banking operations and suppress lending.
As a compromise, the new bill allows reward programs based on users' stablecoin activities (rather than balances). This adjustment aims to break the legislative deadlock and enable the bill to receive a hearing opportunity in the Senate Banking Committee.
Currently, the "Clarity Act" has made significant progress. Last year, a similar version of the bill was approved by the House, and another version also passed a hearing mark in the Senate Agriculture Committee.
The subsequent review by the Banking Committee is crucial. Once passed, lawmakers can prepare the final merged version for submission to a full Senate vote.
Although preliminary compromises were reached on the stablecoin yield issue, legislators still need to address controversial provisions regarding DeFi regulatory approaches and prohibitions on senior government officials profiting from the cryptocurrency industry. These issues will continue to influence the bill's final passage and implementation.
Although the "Guidance and Establishment of America's National Innovation Act on Stablecoins" became the first major U.S. law regulating the cryptocurrency industry last year, viewed as a major victory, it represents only the first step in a policy "two-step" approach, ultimately to be concluded by the "Clarity Act."
In summary, if cryptocurrency can fully enter the American financial system, it will eliminate regulatory uncertainty faced by investors hesitant about participating in the industry, and this move will also clear the final obstacles for institutional investors and technology developers.
《Clear Law》Stablecoin Yield Provisions Exposed: Activity Rewards Allowed, Balance Yields Prohibited
The cryptocurrency industry recently received its first legislative language regarding stablecoin yields in the revised version of the "Digital Asset Market Clarity Act," though the provisions left an initial impression of being too narrowly scoped and insufficiently clear in expression.
According to informed sources, new provisions announced Friday by Senators Angela Alsobrooks and Thom Tillis will prohibit payments of yields solely based on holding stablecoins, restrict any practices equivalent to bank deposit interest, and impose further limitations on other potential activities.
Specifically, the banking industry has firmly advocated that stablecoin yields must never resemble bank deposit interest-bearing arrangements, as such competitive products could weaken banking operations and suppress lending.
As a compromise, the new bill allows reward programs based on users' stablecoin activities (rather than balances). This adjustment aims to break the legislative deadlock and enable the bill to receive a hearing opportunity in the Senate Banking Committee.
Currently, the "Clarity Act" has made significant progress. Last year, a similar version of the bill was approved by the House, and another version also passed a hearing mark in the Senate Agriculture Committee.
The subsequent review by the Banking Committee is crucial. Once passed, lawmakers can prepare the final merged version for submission to a full Senate vote.
Although preliminary compromises were reached on the stablecoin yield issue, legislators still need to address controversial provisions regarding DeFi regulatory approaches and prohibitions on senior government officials profiting from the cryptocurrency industry. These issues will continue to influence the bill's final passage and implementation.
Although the "Guidance and Establishment of America's National Innovation Act on Stablecoins" became the first major U.S. law regulating the cryptocurrency industry last year, viewed as a major victory, it represents only the first step in a policy "two-step" approach, ultimately to be concluded by the "Clarity Act."
In summary, if cryptocurrency can fully enter the American financial system, it will eliminate regulatory uncertainty faced by investors hesitant about participating in the industry, and this move will also clear the final obstacles for institutional investors and technology developers.
#CLARITY法案 # Stablecoin Yields