According to ChainCatcher, crypto journalist Eleanor Terrett wrote on the X platform that the latest CLARITY legislation draft may take a compromise approach, proposing to prohibit platforms from providing returns "directly or indirectly" for holding stablecoins, or providing returns similar to bank deposit interest. This restriction would apply to exchanges, brokers, and other digital asset service providers and their affiliates, and cover any mechanism that is economically or functionally equivalent to interest. However, it would allow reward models based on user behavior, such as loyalty programs, promotions, or subscription plans, provided that they are not deemed "interest-like".
Furthermore, the draft also requires the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, and the U.S. Treasury Department to jointly define the forms of compliance rewards and formulate anti-circumvention rules within one year. It is understood that banking representatives are expected to review the draft tomorrow. Some industry insiders believe that the draft is stricter than the version previously discussed with the White House, and that the "economic equivalence" standard is vague and may be interpreted strictly by regulators, increasing the difficulty of incentive design; however, others argue that it is generally in line with expectations, retaining incentive mechanisms based on trading behavior while restricting the deposit-like attributes of stablecoins.
