Banking representatives are expected to review the latest CLARITY legislation draft tomorrow.

Goldfinch Finance reports that on March 24, crypto journalist Eleanor Terrett posted on X platform that the latest CLARITY legislative draft may adopt a compromise approach, proposing to prohibit platforms from “directly or indirectly” generating yields for stablecoin holders or providing 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, reward models based on user behavior, such as loyalty, promotions, or subscription plans, will be permitted, 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 a 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 potentially interpreted more stringently by regulators, increasing the difficulty of designing incentives; however, others think it generally meets expectations, restricting deposit-like attributes of stablecoins while preserving transaction-based incentive mechanisms.