The game between compliance and innovation, credit card points programs may become a new direction, focusing on the progress of the Senate review in May.

The U.S. CLARITY Act sets the tone for stablecoin yield rules, ushering in a dual shift in compliance and business models

The final implementation of the "CLARITY Act" stablecoin yield provisions marks a key milestone in establishing a compliant path for the U.S. stablecoin market and will reshape the entire industry's business models and market expectations.

The core of the new regulation is to clearly distinguish between two types of yield models: prohibiting the payment of deposit interest solely through stablecoin holdings, effectively closing the "deposit-like arbitrage" route for stablecoins and preventing regulatory arbitrage against traditional banking systems; at the same time, it leaves room for compliant scenarios, allowing rewards linked to real transactions or activities, similar to credit card points programs, thus preserving the potential for innovative stablecoin use cases. This compromise, coordinated by the White House, resolves the key disagreements that previously hindered the bill's progress, enabling the U.S. crypto market legislation to enter a substantive sprint stage.

For the market, this is a double-edged sword. In the short term, the new regulation eliminates uncertainty around stablecoin yield regulation, benefiting leading compliant stablecoin issuers and boosting confidence in the implementation of the U.S. crypto regulatory framework, slightly restoring market risk appetite. However, in the long term, stablecoins relying on a "holding to earn" model will face compliance pressures, and the market will need to shift toward operational paths such as trading incentives and ecosystem rewards. As the bill is expected to be submitted to the Senate Banking Committee for review in mid-May, the pace of implementing the U.S. stablecoin regulatory framework will directly impact market liquidity expectations. Investors should monitor the subsequent progress of the bill's review and its transmission effects on the stablecoin sector and the entire crypto market. #比特币ETF期权持仓限额增4倍