Key compromise reached in US cryptocurrency legislation: stablecoin revenue provisions break the ice, "Clear Act" set to accelerate.

After months of intense struggle, the legislative structure of the US cryptocurrency market has finally made a major breakthrough. Senators Thom Tillis and Angela Alsobrooks have reached a comprehensive agreement on stablecoin revenue provisions, clearing a major obstacle for the advancement of the CLARITY Act in the Senate. According to the obtained text, this compromise imposes significant restrictions on the rewards and returns provided by stablecoins. The agreement explicitly states that all reward mechanisms that are "economically or functionally equivalent to" interest on bank deposits will be prohibited. This broad restriction is aimed at preventing stablecoins from directly competing with traditional bank savings products, in response to the banking industry's long-standing concerns about "deposit flight." However, the agreement does not take a blanket ban approach, but retains a certain degree of flexibility. Stablecoin balances can be used for reward mechanisms, but must pass an "equivalency test." This means that cryptocurrency companies can still provide incentives to users under certain conditions, but high-yield models that mimic bank interest structures will be blocked. Coinbase's Chief Policy Officer, Faryar Shirzad, confirmed this breakthrough on social media and revealed that the final text has been made public. He pointed out that after months of negotiations, Coinbase reached a consensus with the White House, Treasury Department, and Senate officials. "In the end, the banking side secured more restrictions on rewards, but we defended the most valuable thing - the ability for Americans to benefit from using cryptocurrency platforms and networks," Shirzad said, emphasizing the importance of maintaining the US leadership in financial innovation in the current geopolitical environment. This compromise is a key turning point in levering the legislative structure of the entire cryptocurrency market. The bill aims to delineate the regulatory authorities of the US Securities and Exchange Commission and the Commodity Futures Trading Commission in different areas of the digital asset ecosystem. With the issue of stablecoin revenue resolved, the legislative process is expected to enter the fast lane. It is reported that the bill has also made significant progress in token classification, decentralized financial regulation, and asset tokenization, and the final text of the CLARITY Act is expected to be finalized and submitted for a vote in the Senate Banking Committee soon. Concerns about stablecoin revenue potentially diverting deposits from the banking industry were the main sticking point that led to the legislative deadlock. The agreement reached this time not only gives the banking system stronger control, but also preserves the core customer acquisition and incentive space for the cryptocurrency industry, which is seen as a pragmatic step to promote clarity in US cryptocurrency regulation.