US Senators Push for New Crypto Regulations: How to Balance Stablecoin Yields?

US senators are actively advancing a legislative draft called the "Clarity Act," aimed at establishing a clearer regulatory framework for the cryptocurrency market. The current point of contention centers on stablecoin user reward mechanisms, which traditional banks see as a potential threat to deposit business. The American Bankers Association (ABA) has repeatedly obstructed the bill's progress, arguing that stablecoin platforms paying yields to users effectively constitute disguised interest, which could trigger a large-scale outflow of funds from commercial banks. However, senators are striving to strike a balance between financial innovation and risk prevention.

Maryland Democratic Senator Angela Alsobrooks stated at the American Bankers Association summit in Washington that she and North Carolina Republican Senator Thom Tillis are working together to draft a compromise plan aimed at restarting the long-stalled Senate Banking Committee hearing. She pointed out that the final plan cannot completely satisfy any party, but must achieve an enforceable compromise. It is revealed that the compromise plan may restrict stablecoin platforms to providing user rewards only within specific, narrow business scopes, while introducing supporting regulatory measures to prevent systemic capital migration risks. Alsobrooks emphasized the need to curb potential financial instability factors while preserving space for digital financial innovation.

In response, American Bankers Association Chairman Rob Nichols reiterated that, according to the GENIUS Act passed last year, payment stablecoin issuers have been explicitly prohibited from attracting users by paying interest. He argued that crypto exchanges and related companies should be subject to the same rules to maintain market fairness. This game reflects the deep tension between embracing technological innovation and preventing systemic risks among US regulators. The direction of the bill may determine the development trajectory of the US crypto industry in the coming years.