CLARITY Act moves toward markup with split treatment for DeFi and stablecoin yield

cryptonews

Apr 13

Summary U.S. CLARITY Act heads for Senate Banking Committee markup in late April after clearing key early hurdles. Draft text hard‑codes SEC–CFTC jurisdiction and protects non‑custodial DeFi, while...

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A separate breakdown by French outlet Cryptoast stressed that “les émetteurs de stablecoins ne pourront plus rémunérer un utilisateur simplement parce qu’il détient leurs tokens,” while rewards tied to specific onchain actions like lending or liquidity provision remain permissible.","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"CRCD":"T-REX 2X Inverse CRCLDaily Target ETF","ICRC":"Bitwise CRCL Option Income Strategy ETF","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","LU0106831901.USD":"贝莱德世界金融基金A2","CRCG":"2倍做多CRCL ETF-Leverage Shares","CRPT":"First Trust SkyBridge Crypto Industry and Digital Economy ETF","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","TLTW":"iShares 20+ Year Treasury Bond Buywrite Strategy ETF","CRCO":"YIELDMAX CRCL OPTION INCOME STRATEGY ETF","CCUP":"T-REX 2x Long CRCL Daily Target ETF","BK4023":"应用软件","TMF":"3倍做多20年期以上国债ETF-Direxion","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU1861217088.USD":"贝莱德金融科技A2","TLT":"20+年以上美国国债ETF-iShares","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","CRCA":"Proshares Ultra CRCL","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD"},"translate_title":"CLARITY Act走向加价，对DeFi和稳定币收益率进行分割处理","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CRCO":0.6,"CRPT":1.61,"TLTW":0.6,"CCUP":0.6,"CRCA":0.6,"CRCG":0.6,"TMF":0.6,"CRCD":0.6,"ICRC":0.6,"TLT":0.6},"content_text":"Summary\n\n\n\nU.S. CLARITY Act heads for Senate Banking Committee markup in late April after clearing key early hurdles.\nDraft text hard‑codes SEC–CFTC jurisdiction and protects non‑custodial DeFi, while tightening rules on yield‑bearing stablecoins.\nIssuers would be barred from paying passive yield on stablecoin balances, effectively sacrificing “risk‑free yield” wrappers to preserve core DeFi activity.\n\n\n\nThe U.S. CLARITY Act, the most advanced crypto market‑structure bill to reach Congress, is moving toward a Senate Banking Committee markup in the second half of April, with lawmakers targeting a potential floor vote as early as May. Also known as H.R. 3633, the bill passed the House 294‑134 in July 2025 and cleared the Senate Agriculture Committee in January 2026, putting it closer to becoming law than any previous attempt to define a national framework for digital assets.\nAt its core, the CLARITY Act draws a statutory line between the Securities and Exchange Commission and the Commodity Futures Trading Commission, assigning “digital commodities” to the CFTC and leaving “digital securities” under SEC oversight. Phemex summarized the split by noting that the CFTC’s remit will focus on “principles‑based, market integrity” in spot markets, while the SEC retains a “disclosure‑based, investor protection” mandate for tokenized securities.\nDeFi shielded, stablecoin yield squeezed\nIn a January explainer, Indonesian exchange Pintu described the CLARITY Act as an effort to replace “rule‑making through enforcement” with clear, ex ante rules for everything from Bitcoin to DeFi projects and stablecoins, arguing that legal certainty should make it easier for institutional investors to enter the market. That certainty now extends explicitly to non‑custodial protocols: draft language circulated in March carves out DeFi developers and self‑hosted smart contracts from being treated as deposit‑taking institutions, focusing prudential rules instead on centralized intermediaries and stablecoin issuers\nThe political compromise comes at the expense of yield‑bearing stablecoin products. FinTech Weekly reported that compromise text reviewed by industry leaders in late March would prohibit digital asset service providers “from offering yield directly or indirectly on stablecoin balances, or in any manner that is economically or functionally equivalent to bank interest,” closing off passive rewards on custodial balances.\nEarnPark, in its analysis of the same draft, said the provision “prohibits stablecoin issuers from paying interest, dividends, or yield on stablecoins held by users,” while allowing activity‑based rewards such as loyalty schemes or transaction‑linked incentives. A separate breakdown by French outlet Cryptoast stressed that “les émetteurs de stablecoins ne pourront plus rémunérer un utilisateur simplement parce qu’il détient leurs tokens,” while rewards tied to specific on‑chain actions like lending or liquidity provision remain permissible.\nThat distinction effectively protects core DeFi protocols, where users earn yield by taking on risk in lending pools or automated market makers, but it sharply limits the “risk‑free yield” wrappers that had turned stablecoins into bank‑account substitutes. As Pintu noted, the CLARITY Act’s treatment of stablecoins emphasizes reserves and governance standards to “protect users from the risk of default or misuse of funds,” even if the higher compliance bar “can be challenging for small stablecoin issuers.”\nThe CLARITY Act progresses alongside the separate GENIUS Act, which directs that permitted payment stablecoin issuers be treated as financial institutions under U.S. anti‑money‑laundering rules, further pulling dollar‑pegged tokens into the traditional regulatory perimeter. Together, the two laws would leave DeFi protocols relatively free to innovate while turning yield‑bearing stablecoins into a tightly constrained, bank‑adjacent product class — a trade‑off that many in Washington appear willing to make.\n\n\n\n\n\n                Read more:\n            \n\n                Hyperbridge exploit mints 1 billion fake DOT on Ethereum, nets just $237K","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}