《CLARITY Bill》Latest Draft: Prohibits Earning Rewards 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 rewards in the revised version of the Senate's Digital Asset Market Clarity Bill during a closed-door review meeting on Capitol Hill in Washington. The initial impression is that the relevant language is too narrow and lacks clarity. The new provision was disclosed last Friday by Senators Angela Alsobrooks and Thom Tillis. According to a person familiar with the current draft, the new provision will prohibit earning rewards solely from holding stablecoins, while restricting any practices that would make the program equivalent to bank deposits, and setting further restrictions on other potentially permitted activities. The specific determination mechanism for activity-based stablecoin rewards remains unclear.

This compromise solution stems from lobbying efforts between the cryptocurrency industry and the banking industry: the banking industry insists that stablecoin rewards should not be similar to interest-bearing bank deposits, arguing that such competing products could harm the banking industry and suppress lending. The final compromise result is: activity-based reward programs for user stablecoins are permitted, but balance-based rewards are not allowed.

This closed-door review aims to promote the Senate Banking Committee to schedule hearings, an important step for the bill toward a full Senate vote. Similar versions of the Clarity Bill passed the House last year, and another version also passed the marking procedure of the Senate Agriculture Committee. The bill's progress still faces other obstacles: all parties need to reach consensus on a DeFi regulatory framework, while Democrats insist on including provisions that prohibit senior government officials from seeking personal benefits from the cryptocurrency industry, a provision clearly targeted at President Trump.