«CLARITY Bill» Latest Draft: Prohibits Earning Yield Solely from Holding Stablecoins #加密行情震荡

On March 24, according to CoinDesk, crypto industry practitioners saw for the first time in a closed-door review meeting on Capitol Hill in Washington on Monday the latest provisions regarding stablecoin yields in the revised version of the Senate's Digital Asset Market Clarity Bill, with initial impressions being that the relevant language is too narrow and lacks sufficient clarity. The new provision was announced last Friday by Senators Angela Alsobrooks and Thom Tillis. 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 the scheme equivalent to interest-bearing bank deposits, and imposing further restrictions on other potentially permitted activities, though the specific identification mechanism for activity-based stablecoin rewards remains unclear.

This compromise solution stems from lobbying efforts between the crypto industry and the banking industry: the banking sector has insisted that stablecoin rewards must not resemble interest-bearing bank deposits, arguing that such competing products could damage the banking industry and suppress lending. The final compromise result is: activity-based reward programs for users' stablecoin activities are permitted, but balance-based rewards are not allowed.

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