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

On March 24, encryption journalist Eleanor Terrett issued an article on the X platform saying that the latest CLARITY draft legislation may adopt a compromise approach that prohibits platforms from providing "directly or indirectly" income from holding stablecoins, or providing returns similar to bank deposit interest. The restriction will apply to exchanges, brokers and other digital asset service providers and their related parties, and will cover any mechanism that is economically or functionally equivalent to interest, but allow reward models based on user behavior, such as loyalty, Promotions or subscription plans, provided that they are not recognized as "interest-like". In addition, the draft also requires the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission and the U.S. Treasury Department to jointly define compliance reward forms and formulate anti-circumvention rules within one year. It is understood that banking industry representatives are expected to review the draft tomorrow. Some industry people believe that the draft is more stringent than the previous version discussed with the White House, and that the "economic equivalence" standard is ambiguous or has been strictly interpreted by the regulatory authorities, making incentive design more difficult; however, there are also views that the overall line with expectations, while restricting the attributes of stablecoin deposits, the incentive mechanism based on transaction behavior is retained.