Many friends believe that the CLARITY Act draft announced today is the reason for the decline of $COIN and $CRCL. Indeed, from a timing perspective, the decline occurred after the opening of the US stock market today, but in fact, the information about the CLARITY Act draft already included "provisions for passive balance payment income" as early as March 21.

Regardless, the latest CLARITY Act draft is indeed very unfavorable for subsidies to stablecoins, with the main content being:

It prohibits digital asset service providers (including exchanges, brokers, and their affiliates) from directly or indirectly providing income based on stablecoin balances or providing income in a way that is economically equivalent to bank interest.

However, it allows certain behavior-based rewards, such as loyalty programs, promotions, subscriptions, trading, payment, and platform usage-related rewards. It also requires the SEC, CFTC, and Treasury to further define which rewards can be offered and how to prevent circumvention within 12 months of the bill's enactment.

Moreover, this draft itself is not the final version; it is merely a principled compromise, and the CLARITY Act itself has not yet passed.

For Coinbase, this is not a good thing; at least the 3.5% subsidy for USDC cannot be used directly, which is still one of the main selling points of Coinbase One for users, so the passage of this draft can indeed be seen as a negative for COIN.

However, for $CRCL, the recent rise is mainly because many investors believe that CRCL will become a payment channel for AI agents, and even Circle itself has said this.

But if the nearly 20% decline in a single day is due to stablecoins being unable to generate interest directly, then it does not align with the reasons for the rise. Essentially, if investors have such a strong reaction to stablecoins generating interest, then until Circle finds new profitable ways that can be reported in financial statements, we will have to see if the "story" of AI agents making payments can convince the market.

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