《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 in a closed-door review meeting on Capitol Hill in Washington the latest provisions regarding stablecoin yields in the revised Senate Digital Asset Market Clarity Act. Initial impressions suggest the relevant language is too narrow and lacks clarity. The new provision was released 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 program equivalent to bank deposits, and setting further restrictions on other potentially permitted activities. However, the specific determination mechanism for activity-based stablecoin rewards remains unclear.

This compromise solution stems from lobbying tensions between the cryptocurrency industry and the banking industry: the banking industry insists that stablecoin rewards must 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 users' stablecoin activities are permitted, but balance-based rewards are not allowed.

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