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Clarity Act Latest Draft: Prohibits Earning Yields Solely from Holding Stablecoins, Only Allows Yields Based on User Activity
Deep Tide TechFlow News, March 24 — According to CoinDesk, the latest draft of the U.S. Senate’s Digital Asset Market Clarity Act has sparked discontent in the crypto industry over its provisions regarding stablecoin yields. Sources familiar with the matter say the language is too narrow and unclear.
According to the latest revision released last Friday by Senators Angela Alsobrooks and Thom Tillis, the draft explicitly prohibits users from earning yields on stablecoin holdings and restricts any yield programs that resemble bank deposit interest. The draft only allows yield programs based on user activity, but the specific criteria for judgment are still unclear.
Representatives from the crypto industry attended a closed-door hearing on Capitol Hill this Monday, marking their first engagement with the revised draft. The banking sector previously insisted that stablecoin yields should not compete with interest-bearing bank deposits, arguing that such products could weaken banks’ lending capacity. This compromise was formed in that context.