The CLARITY Act, expected to determine the future of cryptocurrency regulation in the United States, is entering a critical week focusing on stablecoin reward mechanisms. According to leaked information from the office of Republican Senator Thom Tillis, the detailed text of the bill on this issue will be made public next week. This development is considered a significant turning point that will shape the future of crypto finance in the US and further highlight the ongoing power struggle between traditional financial institutions and crypto companies.

At the heart of the debate is the possibility of largely prohibiting interest-like yields on stablecoin balances, while allowing limited transaction-based rewards. Traditional banks worry that high-yield stablecoin products will lead to outflows from their deposits, while crypto companies view this as an intervention that hinders innovation and weakens their competitiveness. This uncertainty has also negatively impacted markets; the leak of the draft text led to sharp declines in the shares of stablecoin issuers such as Circle and Coinbase. In response, the crypto sector, led by Coinbase, announced that they are preparing a counter-proposal that includes an alternative incentive model to protect users without restricting innovation. Over the next three weeks, votes and intense lobbying within the Senate Banking Committee will shape the final version of the law.

This struggle surrounding the CLARITY Act raises a fundamental question about the U.S.'s role in the crypto economy: Will the country be a leader in promoting this new space, or a regulator focused on limiting risks? The decision on stablecoin rewards will transcend being merely a technical detail and will constitute a strategic roadmap directly impacting user adoption, the economic models of centralized and decentralized finance platforms, and the U.S.'s global competitiveness in digital finance.

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