TechFlow reports that on March 24, crypto journalist Eleanor Terrett posted on X stating that the latest draft of the CLARITY legislation may adopt a compromise approach—proposing to prohibit platforms from offering returns “directly or indirectly” on stablecoin holdings, or providing interest-like returns akin to bank deposit interest. This restriction would apply to digital asset service providers—including exchanges and brokers—as well as their affiliates, and would cover any mechanism economically or functionally equivalent to interest. However, reward models based on user behavior—such as loyalty programs, promotions, or subscription plans—would remain permitted, provided they are not deemed “interest-like.” Additionally, the draft requires the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the U.S. Department of the Treasury to jointly define compliant reward structures and establish anti-circumvention rules within one year. Banking industry representatives are reportedly scheduled to review the draft tomorrow.
Some industry professionals view this draft as stricter than earlier versions discussed with the White House. The “economic equivalence” standard is considered ambiguous and could be interpreted stringently by regulators, thereby increasing the complexity of designing compliant incentives. Others, however, argue the draft aligns broadly with expectations—curbing the deposit-like attributes of stablecoins while preserving transaction-based incentive mechanisms.
