The CLARITY bill has taken a step forward. The United States has published the final version of the rules on stablecoin yield, which had long remained the main obstacle to the bill’s progress. After this, market participants began talking about moving to the next stage.
The signal was clear. Industry representatives believe that the key dispute is closed, and now the bill can move through Congress more quickly.
Ban on Passive Income Enshrined in the Text
The final draft introduces a strict limitation. Companies will not be able to pay users income simply for holding stablecoins, as is the case with bank deposits.
This approach brings the rules closer to the traditional system. Regulators do not want digital dollars to directly compete with deposits. This was the main demand of banks. And it was around this point that the main negotiations took place.
Rewards for Activity Preserved
At the same time, a complete ban was not introduced. Companies will be able to give rewards if they are related to actual use of the platforms.
This refers to transactions, trading, and other actions within the network. This allows part of the projects’ economic model to be preserved. As a result, a compromise was reached. Banks got restrictions, and the industry got the opportunity to continue developing products.
Industry Sees the Result as a Partial Victory
Lawyers and market participants responded quickly. Coinbase representatives stated that they managed to preserve a key principle—users can receive rewards for using crypto services.
At the same time, part of the market remained dissatisfied. Some believe that the ban on passive income reduces the attractiveness of stablecoins compared to banking instruments. This reflects a balance of interests. The bill does not fully satisfy either side.
Likelihood of the Law Passing Has Increased
After the text was published, expectations for the passage of CLARITY increased. On prediction markets, the probability of the law being signed in 2026 is estimated at about 55%.
Over the course of a day, the figure increased by several points. This indicates that the market sees the decision as significant progress. Previously, it was the yield issue that blocked the bill’s advancement.
Senate Could Move to the Next Stage as Early as May
The next step is discussion and revision of the text in the Senate. According to Galaxy Digital analysts, the banking committee could consider the bill in the coming weeks.
This refers to the procedure after which the document goes to a vote. If the timeline holds, the bill’s progress will accelerate. Some senators have already stated they are ready to complete the process soon.
Banks May Increase Pressure
Despite the compromise, resistance has not disappeared. Analysts expect the banking sector to increase pressure on lawmakers.
The reason is clear. Even with restrictions, stablecoins remain a competitor to traditional financial instruments. Therefore, the battle over the final form of the law continues. And the final version may still change.
Clarity Becomes a Key Law for the Industry
The significance of the document goes beyond a single issue. CLARITY is expected to set general rules for the digital asset market in the United States.
This concerns the status of companies, product regulation, and the distribution of powers among agencies. Therefore, its passage is seen as one of the main milestones for the entire industry.
What This Means for the Market
The market has gained clarity on one of the most contentious issues. Stablecoin yield is now limited, but not completely banned.
This reduces uncertainty. Companies can build models based on the new rules. At the same time, some products will become less attractive, especially those that relied on passive income.
What’s Next?
In the short term, attention shifts to the Senate discussion. If the process moves quickly, the law could be passed in the coming months.
In the medium term, the key issue is the reaction of banks. Increased pressure could slow the process or change certain provisions.
In the long term, CLARITY will set the rules of the game. The future of the stablecoin market in the United States and how quickly the industry integrates into the traditional financial system will depend on it.
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