Faryar Shirzad: CLARITY Act Reward Mechanism Text Released

According to CME's "Federal Reserve Watch", the probability of the Federal Reserve keeping interest rates unchanged until June is 92.8%, and the probability of cutting interest rates by 25 basis points is 7.2%. The probability of keeping interest rates unchanged until July is 88.8%, the probability of cutting interest rates by 25 basis points is 10.9%, and the probability of cutting interest rates by 50 basis points is 0.3%.

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.

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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.