The new bill of the Clarity Act, which was brought to the agenda in the US Congress, has brought about discussions in the cryptocurrency world, especially due to its restrictions on stablecoins. In the analysis published by 10x Research, it was stated that the regulations brought by the bill may directly affect the decentralized finance (DeFi) ecosystem and various token projects in this field.
Ban on stablecoin returns is being discussed
Within the scope of the bill, there is a clear prohibition on providing interest, rewards or similar returns from stablecoin balances. This approach seems to prevent the use of stablecoins as an on-chain means of accumulation, while reducing them to mere payment systems.
Markus Thielen, founder of 10x Research, interpreted this development as “recentralization of return”. According to Thielen, with the implementation of the proposal, the competitive space of platforms operating within the crypto ecosystem may narrow, while stablecoin returns remain in financial institutions such as traditional banks and regulated market funds.
Although these regulations seem to create a disadvantage for central structures at first glance, it stands out that DeFi platforms will not be exempt from these rules. Thielen argues that if the returns from centralized platforms are restricted, users are expected to turn to DeFi, but this may not be possible in practice.
Risk increases in DeFi protocols
It is emphasized that the proposed law is not limited to central actors only, but can also be applied to DeFi’s interface and token models. It is reported that this situation may come under the regulatory radar, especially when protocols provide fee income or similar rights to token holders.
It is explained that decentralized exchanges such as Uniswap and dYdX, which stand out in the DeFi ecosystem, and projects such as Aave, which operate in the field of lending, may be subject to stricter criteria in value distribution and operation after this regulation. The report points out the possibility of a decrease in the operational flexibility of DeFi protocols, a decline in transaction volume and a weakening of the demand for tokens.
In addition, another aspect of the bill may also have positive effects. Tighter integration of stablecoins in circulation into payment networks is among the developments that could be advantageous for in-industry infrastructure providers such as Circle.
Markus Thielen commented, “This regulation is structurally supportive for infrastructure companies such as Circle, as the place of stablecoins in the field of payments is strengthened.”
It is not yet known whether the Clarity Act will become law; However, it is reported that the new rules that are the subject of discussion in crypto markets may lead to permanent changes in business models and value flows in the sector.
