Revised US Clarity Bill Proposes Stablecoin Rewards for Crypto Firms

A revised version of the U.S. CLARITY Act has been proposed by the Senate Banking Committee, which could have significant implications for the cryptocurrency market.

The revised bill would permit crypto firms to offer stablecoin rewards to users while maintaining protections for traditional bank deposit-interest businesses. This distinction is a key aspect of the proposal, as it seeks to separate stablecoin reward programs from bank deposit interest.

The revised CLARITY Act text includes language designed to preserve the regulatory framework around bank deposit-interest products, while also allowing cryptocurrency firms to structure stablecoin reward programs without them being classified as deposit-taking activities under existing banking law.