TechFlow News, March 24: According to a CoinDesk report, provisions in the latest draft of the U.S. Senate’s Digital Asset Market Clarity Act concerning stablecoin yield have drawn criticism from the crypto industry. Sources familiar with the matter say the draft language is overly narrow and ambiguous.
Per the latest revisions released last Friday by Senators Angela Alsobrooks and Thom Tillis, the draft explicitly prohibits users from earning yield on stablecoin balances and restricts any yield programs that resemble interest-bearing bank deposits in form. The draft permits only activity-based yield programs, though the specific criteria for determining eligibility remain unclear.
Crypto industry representatives attended a closed-door review meeting on Capitol Hill this Monday—their first exposure to this revised draft. Previously, the banking sector had insisted that stablecoin yield must not compete with interest-bearing bank deposits, arguing that such products could undermine banks’ lending capacity. This compromise emerged against that backdrop.
