US CLARITY Act Draft Proposes to Prohibit Platforms from Offering Yields on Stablecoins, To Be Reviewed by Banking Industry Representatives Tomorrow

Gate News reports that on March 24, according to crypto journalist Eleanor Terrett, the latest draft of the U.S. CLARITY Act proposes a compromise approach, banning platforms from “directly or indirectly” providing yields to stablecoin holders 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.

The draft allows reward models based on user behavior, such as loyalty, promotions, or subscription programs, provided they are not deemed “interest-like.” Additionally, the draft requires the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), 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 (March 25).

Some industry insiders believe the 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 aligns with expectations, restricting deposit-like attributes of stablecoins while preserving incentive mechanisms based on trading behavior.