Some friends asked me, if the CLARITY Act is bearish for CRCL, does that mean it's also bearish for USD1? This requires a bit of explanation. The CLARITY Act sets regulations for U.S.-compliant stablecoins and U.S.-compliant exchanges. Since Coinbase is a compliant exchange in the U.S., it cannot directly subsidize CRCL. Now, USD1 is currently partnered with Binance, but Binance is not compliant in the U.S. and doesn't even have U.S. users. That's one point. Compared to CRCL, the impact on USD1 is much lighter. Secondly, the rewards Binance provides for holding USD1 are not like Circle and Coinbase, where they directly give "money." Instead, Binance pays out WLFI tokens. Although these tokens are paid because of holdings, this doesn't completely bypass the CLARITY Act. However, the CLARITY Act does leave a loophole. If WLFI is considered an "independent subsidy" provided by Binance as a third party, then for USD1's issuer, it might not be directly classified as paying interest. Of course, the most important factor is CRCL's main partners. If the partners are inherently not U.S.-based exchanges, there will still be some issues, but it would be relatively simpler compared to U.S.-based exchanges.