The Senate’s final CLARITY Act draft is a major step toward finally defining the SEC/CFTC rules for crypto markets—but there’s a clear trade-off for crypto users. The bill targets exchange-paid “hold-to-earn” yield on stablecoin balances. Activity-based rewards may remain, but Treasury could temporarily tighten those rewards if it finds substantial deposit flight from community banks. Good: clearer market rules, stronger developer protections, and better guardrails around exchange conflicts. Not so good: stablecoin yield programs on exchanges could get more limited and more regulated. Important: this is still a proposed draft—not law.