The US cryptocurrency circle has recently been feeling frustrated again. First, a leading compliant platform suddenly "changed its mind," and then the Senate Banking Committee's review was also postponed—progress on the Cryptocurrency Market Structure Act (CLARITY) has stalled once more.

This is nothing new. Looking back at the GENIUS Act passed last year, which aimed to appease the banking industry, it directly banned interest-bearing stablecoins. But these clever folks thought of a workaround—since issuers can't pay interest, let third parties make up for it. Sounds reasonable, but it caused a huge uproar in the banking sector.

Now with CLARITY, the banking industry has completely turned against it. Their plan is clear: instead of blocking one outlet, they prefer to shut down all avenues to yield. Ban interest earnings, ban rewards, ban any form of interest compensation. This move is ruthless, but it also angered cryptocurrency practitioners, led by a major platform.

Why are banks so eager to choke off interest-bearing stablecoins? The answer is actually hidden in their ledgers. The entire profit mechanism of commercial banks is built on deposit business. If stablecoins can offer more attractive yields, the risk of deposit flows moving into the crypto ecosystem will increase. For them, this is not just a competition issue, but a matter of survival.

Both sides have their reasons and bottom lines. This game is far from over.