Senators are set to release a revised draft of the CLARITY Act — the long‑awaited crypto market‑structure bill — as soon as this week, according to reporting from Eleanor Terrett at Crypto In America. Lawmakers reportedly plan to drop the updated text during the Easter recess (which runs through April 13) so they can present language resolving the politically sensitive stablecoin yield and rewards dispute before Congress reconvenes.
What the draft reportedly does
- The new draft aims to strike a compromise on how crypto platforms can offer rewards without triggering a mass shift of deposits back to traditional banks.
- It would broadly ban platforms from offering yield “directly or indirectly” on stablecoins or on assets that function like bank deposits.
- At the same time, the bill would allow activity‑based incentives — things like loyalty points and promotional offers — rather than direct interest payments.
- Regulators would have a one‑year window to define which incentives are permitted and to write anti‑evasion rules to block workarounds.
Industry reaction and pushback
- The proposed restrictions have provoked a visible industry response. Coinbase’s Global Head of Investment Research, David Duong, said industry players are coordinating a counterproposal to argue for targeted changes that protect customers and preserve workable rewards programs.
- A spokesperson for Senator Thom Tillis told Crypto In America the new text reflects ongoing discussions with industry groups — including banks — suggesting legislators are trying to reconcile competing policy priorities.
Open issues that could shape the final bill
- Decentralized finance (DeFi) safeguards
- Token classification standards
- Rules for tokenizing real‑world assets (RWA)
Political organizing ramps up
The legislative momentum has coincided with fresh political organizing from the crypto sector. Anchorage Digital and Chainlink announced the formation of a bipartisan hybrid PAC called the Blockchain Leadership Fund, backed by members of the Digital Chamber. The fund says it will engage in federal, state, and local races to support candidates and policymakers who back “durable, innovation‑friendly” digital asset policy.
Anchorage’s spokesperson framed the move bluntly: “Crypto policy is being written right now and the companies that show up and engage will help define the rules of the road; the ones that don’t will inherit them. At Anchorage Digital, we’ve always believed that responsible innovation requires active participation, which is why we’re proud to support the Blockchain Leadership Fund at such a pivotal moment for the industry.”
A Chainlink representative added that the CLARITY Act contains the trickiest policy tradeoffs: “The market structure bill [CLARITY Act] is where the real complexity lives, and the candidates willing to work through that complexity deserve sustained, organized support from the industry.” Chainlink said the fund will support efforts to ensure policy keeps pace with institutional blockchain adoption.
Bottom line
Expect an updated CLARITY Act draft this week that tightens rules on stablecoin yields while carving out space for activity‑based rewards, with regulators tasked to set the detailed boundaries within a year. The outcome will hinge on final compromises around DeFi, token classification, and RWA rules — and the political influence the industry brings to bear as lawmakers finalize the bill.
Featured image from OpenArt; chart from TradingView.com.
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