The US CLARITY and GENIUS Acts are becoming focal points in the global crypto market: The GENIUS Act officially took effect in July 2025, establishing a "digital cash" framework, while the CLARITY Act is currently under review in the US Senate, focusing on how to regulate stablecoin yields, especially the strict prohibition of "holding to earn" passive income.

The latest developments are summarized as follows:

- **GENIUS Act (Effective)**: Requires payment stablecoins like USDC to hold 100% reserves in cash or short-term US Treasuries, and prohibits paying direct interest to holders, enhancing transparency and security compliance.
- **CLARITY Act (Under review)**: The core is to define the regulatory boundaries between SEC and CFTC, and clarify stablecoin compliance standards. The biggest controversy is the complete ban on "passive rewards for mere holding" (including interest rebates, incentives, etc.), allowing only gains from active participation and risk-taking (such as on-chain lending and liquidity mining).

### Market and Industry Response

- **Banking Concerns**: US banks strongly oppose passive income-based stablecoins, fearing disruption to traditional deposit systems and lending capacity. Since early 2026, they have repeatedly pressured regulators, warning about potential outflows of $6.6 trillion in deposits.
- **Crypto Industry Pushback**: Industry players, led by Coinbase CEO, firmly oppose restrictions on stablecoin reward mechanisms, believing this could weaken US stablecoins' competitiveness in the global market and even help overseas digital currencies (like China's interest-bearing digital yuan) gain market share.
- **Legislative Disputes Intensify**: Banking lobbies and the crypto industry are battling over exemption clauses in the "yield definition," causing the Senate Banking Committee to postpone the bill markup originally scheduled for January 15 to the end of this month; a final decision is expected in Q1 2026.

### Potential Impact and Risk Reminder

- If the bill ultimately tightens to ban all "holding to earn" yields, mainstream stablecoins will be forced to emphasize active yield activities (on-chain activities, financial products), which may impair ordinary users' "no threshold" financial experience and slow ecosystem expansion.
- Conversely, if flexible reward mechanisms are permitted, US stablecoins could strengthen their global competitiveness, but hidden leverage and de-pegging risks may increase, challenging financial system stability.
- Currently, US regulators are engaged in a "dilemma game," aiming to prevent systemic risks while fearing that innovation may move overseas, with capital outflow issues drawing strong attention.

Overall, the CLARITY and GENIUS Acts will reshape the global stablecoin ecosystem and compliance bottom line. Short-term markets may experience volatility, but the final policy implementation remains uncertain. Regardless of the direction, investors are advised to monitor policy milestones and remain vigilant about regulatory changes that could impact liquidity and the ecosystem.