Clarity Act text lets crypto firms offer stablecoin rewards while shielding bank yield

Faryar Shirzad, the policy director of Coinbase, announced in a post on the X platform that the final text of the CLARITY Act regarding reward mechanisms has been made public. After multiple meetings, banks have been granted more restrictions, but US users can still receive rewards through encrypted platforms. He stated that this has significant implications for innovation, consumers, and national security, and called for the implementation of the bill.

[Main password: Binance BTC/USDT has a large pending order with an amount of 15.12 million US dollars] The main large order is displayed on the K line in the form of a horizontal line, the thicker the line means the larger the pending order amount, and the longer the line represents the longer the pending order time

The text released Friday blocks crypto firms from offering stablecoin yield offerings that look like bank deposits, but "bona fide" transactions are allowed. What to know : Text has emerged revealing the Clarity Act compromise worked out between members of the Senate Banking Committee, which would allow crypto firms to keep pursuing stablecoin reward programs. As expected, the text prohibits crypto firms from offering yield on stablecoin deposits if that yield is the functional or economic equivalent to banks' offerings. The text comes after months of negotiations between the crypto and banking industries, facilitated by the White House and Senators Thom Tillis and Angela Alsobrooks.

Paradigm researcher Dan Robinson proposed the PACT mechanism, which proves address control through timestamps, protecting long dormant Bitcoin from quantum computing attacks and avoiding privacy exposure issues.

According to analysis by JPMorgan, although the trading volume of stablecoins has increased, their market size may not necessarily expand synchronously due to the increase in "circulation speed". The report predicts that the total market value of stablecoins will be approximately $500 billion to $600 billion by 2028, and believes that the market's expectations for a "trillion dollar scale" are too optimistic.