《CLARITY 法案》穩定幣收益爭議有解，川普家族「利益衝突」恐成新變數

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After months of tug-of-war, the most thorny issue of "stablecoin yield" in the U.S. cryptocurrency market structure bill, the CLARITY Act, has finally seen a breakthrough. According to key figures in the negotiations, discussions among all parties are "progressing smoothly," but several issues remain to be resolved. For instance, illicit financial activities and the conflict of interest between Donald Trump and the cryptocurrency industry will become critical hurdles for whether the bill can be passed before the end of May. A compromise on "stablecoin yield" has emerged. The core deadlock of this legislation revolves around whether stablecoins can provide yield. Although last year's GENIUS Act banned "interest-bearing stablecoins," strictly prohibiting issuers from distributing interest to users, it did not forbid "third-party platforms" such as DeFi protocols and exchanges from offering yield rewards. This has left the banking industry extremely dissatisfied, and they are now attempting to reverse this during the legislative process of the CLARITY Act, demanding that all paths that could generate yield be blocked. Banking industry representatives worry that once stablecoins are allowed to provide interest-like yields, it will trigger massive "deposit outflows," thereby weakening the lending capacity of regional banks and endangering financial stability. The cryptocurrency industry, on the other hand, argues that banning yield mechanisms would stifle financial innovation and weaken the U.S.'s position in the global digital asset competition. To resolve the differences, the White House has held multiple coordination meetings, and Democratic Senator Angela Alsobrooks and Republican Senator Thom Tillis have continued to push for a compromise version of the bill's provisions in recent weeks. The currently leaked compromise proposal indicates that "passive yield" generated solely from holding stablecoins, which is equivalent in nature to bank deposit interest, may be prohibited in the future. However, to balance industry vitality, "legitimate rewards" related to actual trading activities or blockchain-native technologies will be preserved. Sources revealed that this compromise took three months of arduous negotiations to gradually take shape, and any further significant modifications could cause the entire negotiation to fall back into a deadlock. The next wave of offensive and defensive: illicit finance and political conflicts of interest. As the stablecoin yield issue nears a final decision, market focus has rapidly shifted to two sensitive topics: "illicit finance prevention" and "political ethics." Some senators are concerned that the bill's provision stating that "non-custodial developers" are not money transmitters could weaken law enforcement's ability to combat financial crimes. On the other hand, the intertwining interests between U.S. politics and the cryptocurrency industry have kept ethical issues simmering. The public is paying close attention to the business layout of Donald Trump and his family in the cryptocurrency space, including the DeFi project World Liberty Financial, mining companies, and meme coins TRUMP and MELANIA. It is estimated that cryptocurrency-related businesses have brought in approximately $1.4 billion in revenue for the Trump family, prompting multiple members of Congress to question whether this involves a conflict of interest and to demand further investigation and regulation. Meredith Happy, a spokesperson for Democratic Senator Angela Alsobrooks, revealed that negotiations are currently improving, with the goal of having the bill "successfully complete bipartisan committee review." She pointed out that although good progress has been made on the most controversial issue of "stablecoin yield," core issues such as "illicit finance" and "official ethics regulations" remain to be resolved. Increasing pressure on the bill's timeline; uncertainties remain in Congressional progress. As the Congressional agenda narrows, there is still uncertainty about whether the bill can complete review and be voted on in the short term. Republican Senator Thom Tillis previously stated that he expects the committee may not be able to hold hearings or conduct a vote on the CLARITY Act in April. Ohio Republican Senator Bernie Moreno pointed out: "If it doesn't pass by May, this bill likely won't have a chance in the foreseeable future." Despite frequent warnings from political figures, market sentiment appears relatively stable. According to CoinDesk, citing Senate staff sources, although the bill's progress may be delayed by several weeks, this will not deal a devastating blow to the final outcome.

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來源：區塊客

發佈：2026-04-23 05:39:53

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