"The updated, finalized language restricts crypto companies from paying out yields on stablecoin deposits, leaving that to traditional banks, but does allow rewards tied to trading, transactions, or staking."
"In the end, the banks were able to get more restrictions on rewards, but we protected what matters, the ability for Americans to earn rewards, based on real usage of crypto platforms and networks."
Crypto-related stocks experienced significant gains following the announcement of a bipartisan agreement on stablecoin regulations within the CLARITY Act. This legislation aims to establish a regulatory framework for digital commodities and cryptocurrencies. Circle Internet Group's shares rose over 18%, while Coinbase Global's shares increased by 7%. The finalized provisions restrict stablecoin issuers from offering yield-bearing products, favoring traditional banks, but allow rewards linked to trading and transactions. The Senate plans to conduct a crypto markup later this month.
Read at Fast Company
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