CLARITY Act stablecoin yield rules finalized: ‘Go time’ for crypto bill

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Extract of the “SEC 404. Prohibiting interest and yield on payment stablecoins” document. Source: Alex Thorn The text titled “SEC 404. Prohibiting interest and yield on payment stablecoins” states that no crypto firm may pay “any form of interest or yield” to customers solely for holding stablecoins, akin to a bank deposit or any similar interest-bearing product. Source: Patrick Witt However, it allows firms to offer rewards tied to “bona fide activities.” Some industry executives voiced frustration with the ruling. Helius Labs CEO Mert Mumtaz said, "The clarity of not getting risk-free yield on your dollars without using a bank." It marks a significant step forward for both the legislation and the broader crypto industry, as the stablecoin yield debate had been one of the main roadblocks delaying its passage, despite expectations earlier this year that it would move through Congress. Source: Toly Yakovenko “Now that this issue is behind us, it’s time to focus on the broader bill,” Shirzad said. Traders on the Polymarket crypto prediction market now see a 55% chance of the CLARITY Act being signed into law in 2026, up 9% over the past 24 hours. Many in the industry are now calling for the bill to be marked up. Coinbase CEO Brian Armstrong said shortly after the announcement, “Mark it up.” Galaxy Digital head of firmwide research Alex Thorn said the “release of text suggests that Senate Banking will schedule markup imminently, as soon as the week of May 11.” Related: Spot Bitcoin ETF outflows top $490M: Is BTC’s rally losing momentum? However, Thorn warned that he expects “the banks to increase their opposition efforts.” US Senator Bernie Moreno recently said that he anticipates the CLARITY Act to “get done” by the end of May. On April 11, US Senator Cynthia Lummis said, “It’s now or never.” Magazine: Why is Ethereum Foundation selling? BTC futures warning signs: Market Moves

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