Bernstein says Clarity Act failure allows stablecoin rewards on idle balances to continue, expects ‘swift’ SEC and CFTC rulemaking

60-second summary

Bernstein notes that the Senate’s failure to pass the Clarity Act leaves stable‑coin reward programs on idle balances untouched, prompting the firm to anticipate “swift” rulemaking from the SEC and CFTC to fill the regulatory gap; it warns that delayed guidance could sustain current yield offerings but may soon trigger tighter compliance requirements across the crypto industry.