Clarity Act text lets crypto firms offer stablecoin rewards while shielding bank yield
CoinDesk
New legislative language from Senators Tillis and Alsobrooks restricts stablecoin yield offerings while permitting bona fide rewards programs for crypto firms.Summary
The proposed Clarity Act text, negotiated by Senators Thom Tillis and Angela Alsobrooks, aims to regulate stablecoin yield offerings. The legislation prohibits crypto firms from providing interest or yield that functions similarly to traditional bank deposits, citing the need to protect the integral role of depository institutions. However, the bill creates an exception for incentives derived from 'bona fide activities or transactions,' effectively allowing rewards programs similar to those seen in credit card operations. Digital Chamber CEO Cody Carbone welcomed the progress, viewing it as a critical step toward moving the bill through the Senate Banking Committee.
(Source：CoinDesk)