U.S. banking representatives will review the draft of the CLARITY Act tomorrow, which aims to prohibit platforms from directly or indirectly providing returns

Crypto journalist Eleanor Terrett posted on the X platform that the latest CLARITY legislative draft may adopt a compromise approach, proposing to prohibit platforms from "directly or indirectly" providing yields for stablecoin holders or offering returns similar to bank deposit interest. This restriction will apply to exchanges, brokers, and other digital asset service providers and their affiliates, covering any mechanism that is economically or functionally equivalent to interest, but allowing reward models based on user behavior, such as loyalty, promotions, or subscription plans, provided they are not classified as "interest-like."

In addition, the draft also requires the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, and the U.S. Department of the Treasury to jointly define compliant reward forms and establish anti-evasion rules within a year. It is reported that banking representatives are expected to review the draft tomorrow. Some industry insiders believe that this draft is stricter than the previous version discussed with the White House, with the "economic equivalence" standard being ambiguous, which may lead to stricter interpretations by regulators, increasing the difficulty of incentive design; however, there are also views that it generally meets expectations, retaining incentive mechanisms based on trading behavior while limiting the deposit-like attributes of stablecoins.