The project remains without complete publication, despite the fact that its next legislative phase has already been activated.
The lack of legal definition of “yield” continues to be an open point between regulators and banks.
The United States Senate Banking Committee will return to the issue of cryptocurrency regulation on May 14, when the hearing will be held. markup of the Clarity Act, in an attempt to reactivate a project that had remained stalled for months due to disagreements over the treatment of performance in stablecoins.
The debate over the so-calledyield” (interest or returns) has been one of the main points of friction between traditional banking and the digital assets sector. In this context, the progress of the project comes after an agreement between the senators Thom Tillis and Angela Alsobrookswhich redefines how incentives associated with stablecoins should be treated within the regulatory framework.
He markup is the stage of the legislative process in which congressional committees review, modify and vote on the text of a bill before sending it to the full Senate. This allows substantial changes to be made to its content. In this case, the discussion focuses on whether stablecoins They can generate returns without being classified as bank deposits.
The new phase of the process began after the agreement reached last week, which establishes that Yields cannot be offered for the passive holding of stablecoins. when these work in a manner equivalent to bank interest, although rewards linked to the active use of platforms or networks would be allowed.
As reported by CriptoNoticias, this distinction in stablecoin returns has been key to unlocking the progress of the project, which had lost momentum at the beginning of the year after the withdrawal of support from Coinbase amid regulatory discrepancies.
The debate has also generated friction with the banking sector, which has requested additional adjustments to the project language considering that certain incentive schemes could replicate, in practice, characteristics of savings accounts or remunerated deposits.
The financial associations They warn that this could strain the traditional banking system, by introducing products that, without being formally classified as deposits, could compete for the same type of retail savings and alter the existing supervisory framework.
Although the advance of markup marks a relevant step in the processing of the Clarity Law, The text still does not have a definitive consensus and has not been fully disseminated. In addition, it must be harmonized with other legislative versions within Congress before moving towards an eventual vote in the full Senate. The process is now conditioned by the lack of agreement on the legal classification of incentives in stablecoins.