analyst: Crypto's CLARITY Act could be a headwind for DeFi tokens ring-fencing yield, analyst says

The proposed restriction on yield would shift value toward regulated players and away from decentralized finance' tokens, 10x Research's Markus Thielen said. What to know : The CLARITY Act would ban yield on stablecoins, redefining them as payment tools, not savings products. The proposal, if passed, could re-centralize yield into traditional finance and regulated products, creating a headwind for decentralized finance (DeFi), 10x Research's Markus Thielen argued. The shift would favor Circle (CRCL) and regulated infrastructure, while weighing on DeFi tokens, Thielen said.