Full text of U.S. Senate's CLARITY Act revealed! Stablecoin yields and DeFi exemptions become the focus of debate

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The "Crypto-Asset Market Clarity Act (CLARITY Act)," which is vital to the future development of cryptocurrency in the United States, has finally been officially released in its entirety. The U.S. Senate Committee on Banking, Housing, and Urban Affairs unveiled the 309-page draft bill on Tuesday and will hold hearings this week to push the legislation forward. For cryptocurrency industry executives who have been privately scrutinizing the draft for some time, the latest version did not bring many "surprises." However, the most nerve-wracking aspect for the market remains the controversial provisions regarding "stablecoin yields." Nevertheless, the bill also provides a legal umbrella for DeFi developers, which has finally brought a temporary sigh of relief to the crypto community. Even so, many industry insiders are meticulously examining the details of the bill, fearing that their own interests might be sacrificed between the lines. "This bill is the result of sincere bipartisan cooperation within the committee. It not only provides the American people with the clarity, protection, and accountability they deserve, but also puts consumer interests first," Senate Banking Committee Chairman Tim Scott emphasized in a statement. He added that the bill will effectively combat illicit finance and foreign hostile forces, ensuring that the United States continues to maintain its dominant position in the future landscape of global finance. **Preventing Abuse or Targeting? "Conflict of Interest" Clauses Become a Political Battlefield** However, even if the bill passes the committee, there is still a long road ahead before it reaches President Trump's desk. The current draft has not yet incorporated the "ethics and conflict of interest" clauses that have drawn widespread attention, sparking strong backlash from Democrats. Senator Elizabeth Warren criticized the draft, stating that it would put the entire financial system at risk and could even become an accelerator for "Trump corruption." She pointed out that President Trump and his family profited at least $1.4 billion from cryptocurrency trading in their first year in the White House, and if the bill does not include strict recusal requirements, it will be difficult to escape accusations of "cronyism." In response, White House cryptocurrency advisor Patrick Witt stated that the current negotiating position is to establish "one-size-fits-all" regulations that apply to everyone from the President down to interns on Capitol Hill, while firmly opposing any discriminatory clauses targeting specific individuals or positions. Theoretically, "conflict of interest clauses" aimed at restricting government officials from profiting from the cryptocurrency industry do not fall under the jurisdiction of the Banking Committee and must therefore be incorporated into the legislative process during subsequent review stages. This has become a hot potato precisely because President Trump's family holds massive commercial interests in the cryptocurrency industry. **Stablecoin Yield Restrictions: The Final Tug-of-War Between Banking and Crypto** The newly released 309-page bill includes the core controversy that lobbying groups have been fighting over for months: what type of yields can stablecoins offer? The draft explicitly prohibits the payment of any form of interest or yield to stablecoin holders, nor may yields be provided in any manner functionally equivalent to "interest-bearing bank deposits." In response, Coinbase CEO Brian Armstrong, who is at the center of the stablecoin yield negotiation storm, pointed out on the social platform X: "No one wins everything in this game, but everyone has kept the 'essentials' at the bottom line." He revealed that Coinbase is currently working closely with at least five top global banks to assist traditional financial institutions in integrating cryptocurrency. He emphasized: "We are eager to work hand-in-hand with the banking system to create a win-win situation." Although congressional negotiators seem to have reached a compromise, traditional banking lobby groups do not intend to let go easily. They have launched a final offensive over the weekend, calling on members to pressure lawmakers before the hearings in an attempt to further restrict stablecoin reward programs. However, a research report released last week by the crypto financial institution Galaxy refuted the banking industry's concerns. The report pointed out that the future growth momentum of stablecoins mainly comes from overseas, meaning that trillions of dollars in foreign capital will flow into U.S. financial infrastructure through stablecoins. This scale will far exceed any potential loss of domestic bank deposits, acting instead as a massive boost to the U.S. financial system. As for the DeFi sector, the bill includes provisions echoing the "Blockchain Regulatory Certainty Act (BRCA)." As long as developers do not have actual control over user funds, they will not be forcibly subjected to the regulatory shackles of "money transmitters," which also addresses many of the demands of DeFi advocates. White House advisor Patrick Witt stated last week that the government's goal is to complete the "CLARITY Act" by July 4th, but Senator Kirsten Gillibrand expects the final completion to wait until the first week of August. Before then, even if the bill successfully passes the Banking Committee, it still needs to be integrated with another version previously passed

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