U.S. 'Digital Asset Market Clarity Act' compromise sets stablecoin reward standards [Crypto Briefing]

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[Financial News] Members of the United States Senate Committee on Banking, Housing, and Urban Affairs have drafted a compromise version of the Digital Asset Market Clarity Act to limit how crypto firms can pay stablecoin rewards. The main point is to ban interest-like returns based solely on holding, while allowing rewards tied to network activity or actual transactions.
According to foreign media and industry sources on the 5th, the U.S. Senate Banking Committee is expected to review amendments to the Digital Asset Market Clarity Act on the 11th. The bill, which sets the market structure for digital assets, focuses on dividing regulatory authority between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) depending on the nature of the asset. Along with the GENIUS Act, which covers stablecoin issuance and circulation rules, it is seen as a benchmark for crypto legislation in major economies.
The Digital Asset Market Clarity Act had been delayed by conflicts of interest within the industry, including whether interest payments on stablecoin holdings should be allowed. With the compromise now in place, the bill is expected to support the sector's entry into the regulated financial system and improve investor sentiment toward related companies. In New York trading overnight, shares of USD Coin (USDC) issuer Circle Internet Group and crypto exchange Coinbase Global rose 19.89% and 6.14%, respectively, reflecting expectations for the bill.
The key point of agreement among Senate Banking Committee members is that stablecoin returns should be distinguished by whether they are economically and functionally equivalent to bank deposit interest. Under the bill, digital asset companies would be barred from paying returns that are effectively the same as bank deposit interest simply because a user is holding stablecoins.
By contrast, rewards for network participation such as liquidity provision, collateral posting, governance participation, validation, and staking would be allowed. In effect, the crypto industry has preserved part of its long-held right to receive rewards based on actual use.
Lee Jun-ho, a researcher at Hana Securities, said, "If this symbolic bill, the Digital Asset Market Clarity Act, becomes visible, it could help secure trust across the market," adding, "It could also give momentum to the U.S. real-world asset tokenization market, which is expected to open up in the second half of this year."
The compromise is expected to have a direct impact on Circle, the issuer of USDC, and its key distribution partner Coinbase. Coinbase recorded $1.35 billion in stablecoin revenue alone last year, driven by its USDC-related revenue-sharing structure with Circle and the amount of USDC held on its platform.
Industry watchers expect crypto firms to shift their reward structure from a "buy and hold" strategy to a "buy and use" system. Coinbase previously announced CUSHY, an on-chain credit fund for institutional investors, at the end of last month. The move is part of a strategy to diversify revenue streams through stablecoin lending and other services.
Jiwon Kim, a researcher at KB Securities, said, "If this compromise is accepted as is, using balances or transaction duration as criteria for calculating rewards will be allowed, but how the definition of activity is designed will be the key issue."
Other unresolved issues include provisions regulating decentralized finance (DeFi), ethics rules banning crypto income for high-ranking public officials including the president, and whether to bundle measures easing regulations on community banks.
For the Digital Asset Market Clarity Act to take effect, it must still be signed by President Donald Trump. Blockchain-based prediction market Polymarket currently puts the chance of the bill being enacted this year at 72%.
elikim@fnnews.com Kim Mi-hee Reporter