《CLARITY Act》Latest Draft: Prohibits Earning Yield Solely from Holding Stablecoins #加密行情震荡

On March 24, according to CoinDesk, cryptocurrency industry practitioners saw for the first time on Monday the latest provisions regarding stablecoin yields in the revised version of the Senate's Digital Asset Market Clarity Act during a closed-door review meeting on Capitol Hill in Washington. The initial impression is that the relevant language is too narrow and lacks sufficient clarity. The new provision was disclosed by Senators Angela Alsobrooks and Thom Tillis last Friday. According to a person familiar with the current draft, the new provision will prohibit earning yield solely from holding stablecoins, while restricting any practices that would make this program equivalent to bank deposits, and setting further restrictions on other potentially permissible activities. However, the specific mechanism for determining activity-based stablecoin rewards remains unclear.

This compromise solution stems from lobbying efforts between the crypto industry and the banking industry: the banking industry insists that stablecoin rewards must not be similar to interest-bearing bank deposits, arguing that such competitive products could damage the banking industry and suppress lending. The final compromise result is: allowing reward programs based on users' stablecoin activities, but not allowing balance-based rewards.

This closed-door review aims to facilitate the Senate Banking Committee scheduling a hearing, which is an important step toward the bill advancing to a full Senate vote. A similar version of the Clarity Act already passed the House last year, and another version also passed the markup procedure of the Senate Agriculture Committee. The bill's advancement still faces other obstacles: parties still need to reach consensus on a DeFi regulatory framework, and Democrats simultaneously insist on including a provision that prohibits senior government officials from seeking personal benefits from the crypto industry, a provision clearly aimed at President Trump.