Stablecoin yield in crypto Clarity Act won't allow rewards on balances, latest text says
The revised Digital Asset Market Clarity Act restricts stablecoin rewards to user activities, explicitly banning yield payments for simply holding balances.Summary
Industry insiders reviewing the revised Digital Asset Market Clarity Act, introduced by Senators Angela Alsobrooks and Thom Tillis, found the language on stablecoin yield overly restrictive, specifically banning yield payments for simply holding a stablecoin balance. This compromise aims to address bankers' concerns that stablecoin rewards should not resemble interest-bearing bank deposits, allowing rewards only for user activities. The bill's progress through the Senate Banking Committee is a significant step toward final legislation, following a House passage of a similar version last year. However, hurdles remain, including finalizing oversight for decentralized finance (DeFi) and addressing Democrats' insistence on banning senior government officials from personally profiting from the crypto industry. The Clarity Act is intended to be the concluding step following last year's passage of the GENIUS Act, ultimately aiming to eliminate regulatory uncertainty and encourage institutional investment.
(Source：CoinDesk)