CLARITY Act’s Stablecoin Yield Restrictions Could Benefit Foreign Currencies, Not USD

The Digital Chamber, a leading cryptocurrency advocacy group, has urged the US Congress to preserve yield-generating capabilities for payment stablecoins. In its latest proposal, the group argued that current legislative drafts in the CLARITY Act threaten to outlaw the fundamental mechanics of DeFi. Digital Chamber Urges Congress to Preserve Stablecoin Yields The group specifically petitioned lawmakers to retain the exemptions in Section 404 of the proposed CLARITY Act. These provisions distinguish between traditional “interest,” which banks pay on insured deposits, and other interest rates source: https://beincrypto.com/crypto-group-clarity-act-warning-us-congress/