Clarity Act text lets crypto firms offer stablecoin rewards while shielding bank yield

The text released Friday blocks crypto firms from offering stablecoin yield offerings that look like bank deposits, but "bona fide" transactions are allowed. What to know : Text has emerged revealing the Clarity Act compromise worked out between members of the Senate Banking Committee, which would allow crypto firms to keep pursuing stablecoin reward programs. As expected, the text prohibits crypto firms from offering yield on stablecoin deposits if that yield is the functional or economic equivalent to banks' offerings. The text comes after months of negotiations between the crypto and banking industries, facilitated by the White House and Senators Thom Tillis and Angela Alsobrooks.