The latest draft of the Digital Asset Market Transparency Act (Clarity Act), released on May 1, paints a clearer signal about how the U.S. Senate intends to resolve one of the key dilemmas in ecosystem regulation: whether companies can offer the benefits of stablecoins without entering the realm of traditional banking.
A new section of the text reveals that the compromise reached by U.S. Sens. Thom Tillis and Angela Alsobrooks maintains strict restrictions to avoid products that issue interest-bearing bank deposits. at the same time The path is open for companies in this sector to continue offering incentives. Linked to actual use of the platform. This balance represents partial relief for industries whose business models are partially recognized.
A little explanation about the new update: This document proves that issuers cannot generate profits by simply holding stablecoins. A reserve or offer payment that actually acts as bank interest. This prohibition covers all forms of compensation (whether cash, tokens, or other means) based solely on passive ownership of these assets.
This stance is in direct response to concerns from the banking sector, which has warned that deposit equivalent products could impact its role within the U.S. financial system.
However, the draft also considers important exceptions. Compensation related to actual activity within the network or platform is permitted unless it equates to traditional benefits. This creates room for a model similar to benefit programs in traditional finance, where incentives depend on usage rather than simple ownership.
However, there are some ambiguities in the text. Some loyalty programs may fall into restricted zones, leaving room for future regulatory interpretation.
Industry reaction
Companies like Coinbase are welcoming this new approach with cautious optimism. CEO Brian Armstrong expressed support for the project’s progress, and legal director Paul Grewal emphasized that the document maintains incentives related to genuine activity on the cryptocurrency network.
The Digital Chamber also recognized the progress. CEO Cody Carbone thought so. This step helps resolve one of the most complex points in the regulatory debate.
Although the political consensus appears to be moving forward, the text leaves plenty of room for authorities to define how the rules will be applied. Factors such as event time, balance, and activity type may affect reward evaluation.
(Tag Translate) Banking and Insurance
