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Following77 state banking associations are pushing to reshape the CLARITY Act, calling for a ban on balance-based stablecoin rewards
77 state banking associations are actively lobbying to reshape the CLARITY Act, requiring lawmakers to explicitly include a ban in the bill: prohibiting balance-based stablecoin rewards. This appeal focuses on a specific incentive mechanism that pays rewards based on the amount of stablecoins held by the holder.
Precision strike: targeting "balance-based" reward mechanisms
According to relevant reports, this action originated from a joint letter from 77 state banking associations seeking to amend the CLARITY Act. Its demands are specific and clear: balance-based stablecoin rewards are prohibited. This is the latest chapter in the long-term game about digital asset supervision. Currently, banks and cryptocurrency companies have lobbied senators in their respective states on the specific shape of the bill, and lawmakers have proposed multiple competing amendments in the process.
It needs to be clarified that "balance-based rewards" do not refer to all types of stablecoin benefits. The association's request mainly targets mechanisms that are very similar to deposit interest-in which users receive rewards based on the size of their stablecoins. It is this similarity that makes the banking industry pay close attention to this issue and get involved in it.
Current public reports do not list proposed legal provisions or precise legal definitions of prohibited rewards. As a result, the precise scope of any potential ban and the issuers, products or platforms involved cannot be fully determined based on available evidence. But what is clear is that the association has drawn a clear line: this is a request specifically for "balance-based rewards" rather than a call for a complete ban on all forms of stablecoin incentives.
It's just a proposal, not yet a foregone conclusion.
The Association is currently in a "change seeking" stage. This wording is crucial. Existing reports show that the ban has not been adopted, a vote has not been scheduled, nor has it been written into the body of the bill. There are currently no amendment texts, legislative timetables or effective dates linked to the request. For now, this is just a request from an industry coalition trying to influence the final shape of the bill.
The CLARITY Act itself is still in dynamic change. Republican senators have revised the bill to address issues such as decentralized finance (DeFi) and predictive markets, while Democrats have pushed for their own vertical integration provisions. If a reward ban is added, it will become another controversial point in the bill that is constantly being rewritten.
Interest tensions behind
The core of the debate stems from a familiar contradiction: when holders of stablecoins earn profits simply by holding, this competes directly with the deposit business on which banks rely for survival. This also explains why the banking industry has always paid close attention to stablecoin policies. For example, Block Company has applied for a National Trust Bank license to handle stablecoin custody business.
Whether lawmakers will adopt the request remains an open question. At present, 77 associations have clearly made their demands, but the drafters of the CLARITY Act have not yet responded.
