U.S. banking representatives will review the draft CLARITY bill tomorrow, which would ban platforms from providing direct or indirect revenue

Cryptography journalist Eleanor Terrett wrote on Platform X that the latest CLARITY draft legislation may adopt a compromise approach and intends to prohibit platforms from providing "directly or indirectly" income from holding stablecoins, or providing returns similar to bank deposit interest. This restriction will apply to digital asset service providers such as exchanges and brokers and their related parties, and covers any mechanism that is economically or functionally equivalent to interest, but allows reward models based on user behavior, such as loyalty, promotions or subscription programs. However, the premise is that it is 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.