Washington D.C. – A highly anticipated draft of the Senate’s Comprehensive Legislation for Accountability and Regulatory Implementation of Transactions and Yield (CLARITY) Act was released late Tuesday, featuring a critical clause that addresses ongoing friction between digital asset regulation and consumer financial technology.
The provision explicitly permits stablecoin issuers to offer “activity-based rewards” without triggering traditional securities classification, a move widely praised by fintech leaders seeking to integrate stablecoins into mainstream commerce.
The draft, spearheaded by Senate Banking Committee Chairman Senator Malcolm Johnson (R-NY), delineates a clear legal pathway for incentives tied directly to verifiable user behavior, such as making retail purchases, executing cross-border payments, or achieving specific loyalty tiers. Crucially, the text distinguishes these rewards from passive yield generated simply by holding the asset, which remains subject to stricter oversight regarding interest rate disclosure and yield generation mechanisms.
According to a summary provided by the Committee, the intent is to foster the use of stablecoins primarily as a medium of exchange rather than a speculative investment. “Our current regulatory framework often treats loyalty programs offered by digital payment providers identically to high-yield investment products,” Senator Johnson stated. “The CLARITY Act ensures that rewarding genuine economic activity is protected, unlocking the potential for stablecoins to act as an efficient, modern payment rail.”
Industry groups have long argued that regulatory ambiguity has suppressed innovative consumer applications, forcing developers to avoid utilizing stablecoins for common mechanisms like cash-back rewards. The Digital Assets and Payments Association (DAPA) issued a statement noting that the draft provides “the necessary certainty for companies to utilize stablecoins for their intended purpose: efficient transactions.”
The specific language requires stablecoin issuers leveraging this provision to register with the Office of the Comptroller of the Currency (OCC) and demonstrate that any reward structure is proportionate to the transaction volume or participatory activity of the user. Furthermore, the rewards must be denominated in the stablecoin itself or a non-convertible loyalty point, preventing the misuse of the provision for masking investment schemes. While the inclusion of the reward mechanism is viewed as a major compromise, the CLARITY Act still faces significant legislative hurdles concerning federal jurisdiction and strict reserve requirements.
Source: New Senate CLARITY Act draft allows activity-based stablecoin rewards
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