The "CLARITY Act" Stablecoin Yield Rule Has Been Finalized, Entering the "Launch Phase"

BlockBeats News, May 2nd, Coinbase Chief Legal Officer Faryar Shirzad stated that the "CLARITY Act," aimed at providing more regulatory clarity for the U.S. crypto industry, may be one step closer to becoming law following the release of new stablecoin yield provisions. Previously, U.S. Senators Thom Tillis and Angela Alsobrooks unveiled the final text aimed at resolving the stablecoin yield dispute between the banking sector and the crypto industry—the core of this dispute being whether such yields would erode the competitiveness of the banking system. Shirzad stated: "In the end, the banking industry secured more restrictions on rewards, but we held onto what truly matters—the ability for Americans to earn rewards based on real-world use on crypto platforms and networks."

Text under "SEC 404. Prohibition on Payment Stablecoin Interest and Yield" stipulates that crypto companies are not allowed to pay customers "any form of interest or yield" solely for holding stablecoin, akin to bank deposits or any similar interest-bearing product. However, the rule permits crypto companies to offer rewards tied to "real-world activities." Some industry executives have expressed dissatisfaction with this ruling. Helius Labs CEO Mert Mumtaz stated: "This ruling explicitly states that one cannot earn risk-free dollar returns without using a bank."

This is a significant step for this legislation and the broader crypto industry, as the stablecoin yield debate has been a key hurdle delaying its passage, despite earlier industry expectations for congressional approval. Traders on Polymarket currently estimate a 55% probability, up 9 percentage points, of the CLARITY Act being signed into law in 2026. Galaxy Digital Research Director Alex Thorn stated, "The release of the text means the Senate Banking Committee will immediately schedule a markup hearing, potentially as early as the week of May 11th." However, he cautioned that there is an expected "ramp-up in opposition from the banking sector." U.S. Senator Bernie Moreno recently stated that the CLARITY Act is expected to be "finalized" by the end of May.