New CLARITY Act draft may limit stablecoin yields
The United States has introduced an updated version of the CLARITY Act that restricts the ability to earn income from stablecoins. The draft proposes banning rewards for simply holding these assets.
At the same time, only limited types of rewards tied to user activity would be allowed. The details emerged during a closed-door discussion in Congress, CoinDesk reporte.
Banks push back as crypto industry objects
The new rules represent a compromise between banks and crypto companies. The banking sector insisted that stablecoins should not resemble interest-bearing deposits.As a result, the bill prohibits any mechanisms similar to bank interest. Industry participants считают такие ограничения слишком жесткими и неясными.
The law is respectful for every market
The CLARITY Act is expected to become a central framework for crypto regulation in the U.S. An earlier stablecoin-focused law has already been passed, but it is viewed as only a first step.The new legislation is intended to define rules for the broader digital asset market and reduce regulatory uncertainty for investors.
If adopted in its current form, users would not be able to earn yield simply by holding stablecoins. This could reduce their appeal as a passive income tool.
At the same time, platforms may need to shift toward service-based models instead of offering yield.
Why stablecoin yield is controversial
Stablecoins are often used as an alternative to bank accounts within the crypto ecosystem. Some platforms offer rewards for holding them, effectively resembling deposits.This has created tension with banks, which see it as direct competition. Regulators are trying to separate these models to avoid risks to the financial system.
In the long term, this could split the market into traditional non-yield stablecoins and higher-risk DeFi products offering returns.
Earlier, reports suggested that Coinbase could lose part of its revenue due to the CLARITY Act.
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