《Clear Act》Stablecoin Yield Provisions Exposed: Activity Rewards Allowed, Balance Interest Prohibited

The cryptocurrency industry recently witnessed the first legislative language regarding stablecoin yields in the revised version of the Digital Asset Market Clarity Act, but the provisions gave an initial impression of being overly narrow in scope 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 for holding stablecoins, restrict any practices equivalent to bank deposit interest, and impose further restrictions on other potential activities.

Specifically, the banking industry firmly advocated that stablecoin yields must never be structured like bank deposit interest, as competitive products they 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 Clear Act has made significant progress. Last year, a similar version of the bill was passed by the House, and another version also passed a markup hearing in the Senate Agriculture Committee.

The subsequent review by the Banking Committee is crucial; once passed, lawmakers can prepare the final merged version for a full Senate vote.

Although a preliminary compromise has been reached on stablecoin yield issues, legislators currently still need to address controversial provisions such as DeFi regulatory approaches and prohibiting senior government officials from profiting from the cryptocurrency industry—these issues will continue to affect the bill's final passage and implementation.

Although last year's "Guidance and Establishment of the American Stablecoin National Innovation Act" became the first major U.S. law regulating the cryptocurrency industry, viewed as a significant victory, this is only the first step of a policy "two-step approach," with the Clear Act ultimately serving as the final chapter.

In summary, if cryptocurrency can comprehensively enter the U.S. 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