Crypto Journalist: US Banking Industry Representatives to Review CLARITY Act Draft Tomorrow, Proposing Ban on Platforms Providing Yields Directly or Indirectly

Deep Tide TechFlow reports that on March 24th, cryptocurrency journalist Eleanor Terrett posted on X platform stating that the latest CLARITY legislative draft may adopt a compromise approach, proposing to prohibit platforms from “directly or indirectly” providing yields for holding stablecoins or offering returns similar to bank deposit interest. This restriction will apply to exchanges, brokers, and other digital asset service providers and their affiliates, covering any mechanisms that are economically or functionally equivalent to interest. However, it allows reward models based on user behavior, such as loyalty, promotions, or subscription plans, provided they are not deemed “interest-like.” Additionally, the draft requires the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, and the U.S. Department of the Treasury to jointly define compliant reward formats and establish anti-avoidance rules within one year. It is reported that banking industry representatives are expected to review the draft tomorrow.

Some industry insiders believe that this draft is stricter than previous versions discussed with the White House, with the “economic equivalence” standard being vague and possibly interpreted more strictly by regulators, increasing the difficulty of designing incentives. However, others think it generally meets expectations, restricting deposit-like attributes of stablecoins while preserving incentive mechanisms based on trading behavior.