歷經數月激烈角力後，美國加密貨幣市場結構立法終迎重大突破。參議員Thom Tillis與Angela Alsobrooks已就穩定幣收益條款達成全面協議，為《清晰法案》（CLARITY Act）在參議院的推進掃清主要障礙。

此項妥協對穩定幣提供的獎勵與回報設下顯著限制。協議明定，將禁止所有「經濟或功能上等同於」銀行存款利息的獎勵機制。此廣泛限制旨在阻止穩定幣直接與傳統銀行儲蓄產品競爭，回應銀行業長期以來對「存款外流」的憂慮。

然而，協議未採取「一刀切」禁令，而是保留相當彈性。穩定幣餘額可用於獎勵機制，但須通過「等同性測試」。這意味加密貨幣公司仍可在特定條件下向用戶提供激勵，但模仿銀行利息結構的高收益模式將被阻斷。

After months of intense negotiations, U.S. legislation on crypto market structure has achieved a major breakthrough. Senators Thom Tillis and Angela Alsobrooks have reached a comprehensive agreement on stablecoin yield provisions, removing the main obstacle for the advancement of the CLARITY Act in the Senate.

This compromise imposes significant restrictions on rewards and returns offered by stablecoins. The agreement explicitly bans all incentive mechanisms that are 'economically or functionally equivalent' to interest on bank deposits. This broad restriction aims to prevent stablecoins from directly competing with traditional bank savings products, addressing long-standing banking industry concerns about 'deposit flight.'

However, the agreement avoids a blanket ban and retains considerable flexibility. Stablecoin balances can be used in incentive programs but must pass an 'equivalency test.' This means crypto firms can still offer user incentives under specific conditions, but high-yield models mimicking bank interest structures will be blocked.