The latest draft of the Clarity Act prohibits earning returns solely from holding stablecoins.

PANews reported on March 24th that, according to CoinDesk, the revised wording of the US Senate's Clarity Act, a bill concerning the structure of the crypto market, has been updated. The bill will prohibit paying returns solely for holding stablecoins and restrict any reward mechanisms equivalent to bank deposit interest. The specific implementation of stablecoin rewards based on user activity remains unclear. The bill was introduced on March 21st by Senators Angela Alsobrooks and Thom Tillis, and the crypto industry first saw the revised text during closed-door deliberations on Capitol Hill on March 23rd.

This compromise aims to resolve the differences between the banking industry and crypto platforms regarding stablecoin rewards. The banking industry had previously insisted that stablecoin rewards should not resemble interest-bearing deposits to avoid impacting traditional banking operations. The bill allows for reward programs based on users' stablecoin activity, but these rewards must not bear any resemblance to bank deposit interest rates. The bill's progress still requires addressing controversial clauses such as DeFi regulation and prohibiting senior government officials from profiting from the crypto industry.