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As the U.S. continues its efforts to regulate the cryptocurrency market, the new Clarity Act bill has undergone significant changes. According to the revised version, stablecoin users will be prohibited from earning income simply by holding their assets. The goal is to prevent rewards tied to stablecoin balances, avoiding the creation of structures similar to the traditional banking system.

Shares of Circle Internet Group (CRCL), the issuer of the USDC stablecoin, fell by around 20% on March 24, 2026 — dropping from about $126 at the previous close to the $98–102 range during the trading session. The decline coincided with news of a legislative compromise on stablecoins in the U.S. Congress — and the market reacted to this factor almost immediately.

Proposed rules could ban yield on stablecoins such as USD Coin ($USDC), although analysts believe the exchange will be able to adapt. If lawmakers ultimately ban stablecoin rewards under the proposed CLARITY Act, Coinbase (COIN) could lose one of its tools for attracting users to hold digital dollars on its platform.

The notice published on March 18 formalized the position Atkins had previously outlined at the DC Blockchain Summit: most cryptocurrencies are not covered by federal securities laws. The only class of crypto assets that remains under SEC jurisdiction is tokenized traditional securities.

The cryptocurrency bill CLARITY Act, passed by the US House of Representatives back in July last year, has still not passed the Senate. The main obstacle is disagreements over stablecoin yield. Senate Banking Committee Chair Tim Scott said on March 17 that he expects the first concrete proposal on the disputed issue this week.

Although the fate of the CLARITY Act, a long-awaited initiative in the cryptocurrency sector, remains uncertain, experts warn that failure to pass this law will further deepen the existing regulatory vacuum.