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▲ US, cryptocurrency regulation/AI generated image
The US Cryptocurrency Market Structure Bill (CLARITY) has entered its final legislative stage, resolving key issues surrounding stablecoin yield payments.
Dan Gambardello, host of the crypto YouTube channel Crypto Capital Venture, analyzed the progress of the US Cryptocurrency Market Structure Bill and its potential impact on the market in a video on May 2nd (local time). Gambardello emphasized that unlike the GENIUS stablecoin regulation bill, which passed during a market peak, this bill is being pushed forward as the market establishes a bottom.
The core issue of stablecoin yield payment methods was resolved through an agreement between Coinbase and banking lobby groups. According to the agreement, issuers cannot offer or promote rewards simply for holding or staking stablecoins. Instead, only reward systems based on platform usage and actual participation are permitted. Patrick Wit, Chief Policy Officer at Coinbase, stated, “We accepted this agreement to maintain America’s financial leadership.”
The legislative process has also been clarified. Senator Tim Scott stated that the bill aims for US President Donald Trump's signature this summer. The Senate Banking Committee is scheduled to review the bill during a weekly markup session on May 11th, followed by a full Senate vote and House passage procedure between June and July.
This bill aims to clarify the legal status of digital assets, moving away from the US Securities and Exchange Commission (SEC)'s enforcement-centric regulation. It distinguishes digital assets as either commodities or securities and grants spot market jurisdiction to the US Commodity Futures Trading Commission (CFTC) to reorganize the regulatory framework. It also includes safe harbor provisions for decentralized finance protocols and specifies that staking rewards are not securities.
With the resolution of regulatory uncertainty, a foundation for institutional capital inflow has been laid, and a trend of market structure changes is becoming apparent.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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