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Banks and the cryptocurrency sector have reached an agreement on the CLARITY Act
The long-awaited compromise on stablecoin yield under the CLARITY Act, a key piece of cryptocurrency legislation in the United States, has finally been clarified. According to text obtained by Punchbowl News, Senators Thom Tillis and Angela Alsobrooks have reached a comprehensive agreement on stablecoin yield.
The agreement imposes significant restrictions on rewards and yields offered on stablecoins. Accordingly, all reward mechanisms deemed “economically or functionally equivalent” to interest on bank deposits will be prohibited. This provision stands out as a broad restriction aimed at preventing stablecoins from directly competing with traditional banking products.
However, instead of imposing an absolutely strict ban, the text also provides a degree of flexibility. Stablecoin balances may be allowed to be used in reward systems, but such rewards must pass an “equivalence test.” This allows crypto companies to offer incentives to users under certain conditions while aiming to prevent the creation of interest-like structures similar to those in the banking system.
Commenting on the process, Coinbase executive Faryar Shirzad stated that the final text is now available to the public, adding that discussions were largely based on “hypothetical risks.” The Coinbase executive said that after several months of negotiations, an agreement was reached with representatives of the White House, the Treasury Department, and the Senate.
Shirzad acknowledged that banks gained greater control over the process but added that the crypto sector retained the ability for users to earn rewards based on actual usage. He also stated that maintaining U.S. leadership in financial innovation is critical, especially in the current geopolitical environment.
Following the agreement on stablecoin yield, attention has shifted to other aspects of the bill. Significant progress has reportedly been made in areas such as token classification, DeFi regulation, and tokenization, and the final text of the CLARITY Act is expected to be completed and passed by the legislature in the near future.
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