Many people believe that the CLARITY Act draft announced today is the reason for the decline in COIN and CRCL. Indeed, in terms of timing, it is the decline that occurred after the opening of the US stock market today. However, in reality, the CLARITY Act draft information already includes "provisions for passive balance payment income" on March 21st. However, regardless, the latest CLARITY Act draft is very unfavorable for subsidizing stablecoins. The main content is: It is prohibited for digital asset service providers (including exchanges, brokers, and their affiliates) to directly or indirectly give profits based on stablecoin balances, or to give profits in an economically equivalent way to bank interest. But allow certain behavior based rewards, such as loyalty programs, promotions, subscriptions, transactions, payments, and platform usage related rewards. It also requires the SEC, CFTC, and Treasury to further define which rewards can be made and how to prevent evasion within 12 months after the bill takes effect. Moreover, this draft is not yet the final version and has only reached a principled compromise. The CLARITY Act itself has not yet been passed. For Coinbase, this is not a good thing. At least the 3.5% subsidy from USDC cannot be used directly, which is still one of the main selling points of Coinbase One for users. Therefore, the passage of the draft can indeed be seen as a negative for COIN. But for CRCL, this rise is mainly due to the fact that many investors believe that CRCL will become a payment channel for AI agents after the financial report was disclosed, and even Circle itself has said so. But if the current daily decline of nearly 20% is due to stablecoins not being able to directly generate interest, then it does not match the reason for the rise. Essentially, if investors have such a strong reaction to stablecoin interest, then before Circle finds a new profit model that can be reported on the financial report, it will have to see if AI agents can make the market pay for such "stories".