FINAL CLARITY ACT STABLECOIN YIELD TEXT IS PUBLIC, PASSIVE REWARDS BANNED, ACTIVITY-BASED REWARDS PROTECTED
The final stablecoin yield text in the CLARITY Act is now public, ending months of standoff between banks and the crypto industry, per Punchbowl News.
The compromise from Sens. Tillis (R) and Alsobrooks (D) bans rewards "economically or functionally equivalent" to deposit interest. Activity-based rewards tied to payments, transfers, and real platform usage stay protected. The structure closes affiliate workarounds by design.
Coinbase Chief Policy Officer Faryar Shirzad (@faryarshirzad) framed the outcome as a win on what mattered: "the ability for Americans to earn rewards, based on real usage of crypto platforms and networks." Banks got tighter restrictions on yield. Crypto kept the activity rails open.
The final text emerged from months of negotiation between the White House, Treasury, Senate Banking GOP, Tillis, and Alsobrooks. Senate Banking Committee markup is targeted for mid-May, lining up with Sen. Scott's "in the red zone" comments yesterday.
Remaining issues to resolve: DeFi provisions, ethics language for executive branch officials, and reconciliation with the House-passed version.
BITCOIN HAS WON OVER WALLSTREET
In just 6 months, BofA recommended ETFs, Morgan Stanley launched its own $BTC ETF, and Goldman Sachs filed for one.
This is how adoption accelerates.
🚨 VISA LAUNCHES BITCOIN-ONLY CARD WITH UP TO 3.5% BTC REWARDS
Visa plans to roll out stablecoin cards in 100+ countries, enabling spending with USD Coin across 175M merchants.
At the same time, a Bitcoin-only card with Fold offers up to 3.5% back in Bitcoin.
🚨BREAKING: Kraken just became the first crypto firm to gain access to the Fed’s core payment systems that big banks use every day.
This means Kraken can settle money transfers on the same rails as traditional banks.