Circle's stock price fell by 18% at one point, and the US Clarity Act draft proposes to restrict stablecoin rewards Odaily Planet Daily News: In early trading on Tuesday, the stock price of Circle (CRCL), the issuer of USDC, fell by 18% at one point, while the cryptocurrency platform Coinbase (COIN) fell by about 8%. CoinDesk reported that the latest version of the US Clarity Act draft plans to restrict stablecoin balance rewards, including prohibiting rewards for passive stablecoin balances and prohibiting related structures that are "economically equivalent to interest". Mizuho analyst Dan Dolev stated that the draft may prohibit payments based solely on holding stablecoins and restrict any practices that equate the program to bank deposits in any way. The report mentioned that the GENIUS Act once prohibited issuers from directly paying users profits, but issuers and platforms arranged rewards through reserve asset income distribution and other methods; Circle will earn interest on USDC supported assets and share it with Coinbase, which will then provide rewards to users. Amir Hajian, a digital asset researcher at Keyrock, stated that the latest draft of the Clarity Act, by prohibiting arrangements that are "economically equivalent to interest," points to the aforementioned "earnings penetration" model. In addition, Tether, the issuer of USDT, stated that it has hired one of the "Big Four" accounting firms to conduct a comprehensive audit of its USDT reserves. The report also pointed out that the decline occurred after Circle's stock price had risen 170% since early February. Clear Street analyst Owen Lau said that the market reaction may have been excessive; Market participants are also taking into account expectations of interest rate hikes.