White House study exposes stablecoin yield ban does little for banks, raising the stakes for CLARITY in the Senate

A recent White House economic study indicates that a ban on stablecoin yields would do little to protect the banking system while significantly limiting consumers' ability to earn returns on digital cash. This finding is crucial for the CLARITY Act, a bill facing debate in the Senate, as it challenges the core argument for strict yield limitations. The study suggests that the primary constraint on the bill in the Senate is not a lack of agreement on a digital asset framework, but rather the specific details, particularly the stablecoin yield issue, which has become a focal point for competing financial interests. Despite broad alignment between the executive branch and regulators like the Treasury and SEC, the Senate Banking Committee's markup process remains the decisive hurdle. The study provides strong evidence for CLARITY supporters, shifting the debate by requiring those advocating for restrictions to justify them beyond mere bank protection. The outcome of the yield debate will significantly shape the future of onshore digital asset markets, determining whether the bill enables or merely contains their growth.

(Source：CryptoSlate)