{"id":217181,"date":"2026-03-30T20:54:59","date_gmt":"2026-03-30T18:54:59","guid":{"rendered":"https:\/\/www.coininsider.com\/news\/2026\/03\/\/"},"modified":"2026-03-30T20:54:59","modified_gmt":"2026-03-30T18:54:59","slug":"defi-faces-risks-under-clarity-act-rules","status":"publish","type":"news_article","link":"https:\/\/www.coininsider.com\/es\/news\/2026\/03\/defi-faces-risks-under-clarity-act-rules\/","title":{"rendered":"DeFi Faces Risks Under CLARITY Act Rules"},"content":{"rendered":"

The CLARITY Act is getting most of its attention for how it treats stablecoins. But the bigger impact may land somewhere else entirely.<\/b><\/p>\n

According to Markus Thielen, founder of 10x Research, the real pressure point could be the decentralised finance ecosystem that\u2019s grown around those stablecoins – not the assets themselves.<\/span><\/p>\n

According to Thielen<\/a>, proposed provisions to limit yield on stablecoins, in practical terms, would redefine stablecoins as payment tools rather than savings instruments. <\/span>For many users, yield has been one of the main reasons to hold and use stablecoins in the first place.<\/span><\/p>\n

A Shift Back Toward Traditional Finance<\/b><\/h2>\n

Thielen\u2019s argument is straightforward: the yield doesn\u2019t disappear – it moves.<\/span><\/p>\n

\u201cThis represents a clear re-centralization of yield,\u201d he wrote in a recent note, pointing to banks, money market funds, and other regulated vehicles as the likely winners.<\/span><\/p><\/blockquote>\n

In other words, if stablecoins can\u2019t offer returns, that value is likely to resurface in more traditional financial structures. And that\u2019s a problem for crypto-native platforms that have long competed by offering better yields than the legacy system.<\/span><\/p>\n

There\u2019s an obvious counterpoint here. One might expect that limiting centralised yield products would push users toward DeFi instead, <\/span>but Thielen doesn\u2019t think it plays out that way.<\/span><\/p>\n

Why DeFi Might Not Be Spared<\/b><\/h2>\n

That assumption, he argues, only works if DeFi sits outside the same regulatory reach. And that\u2019s far from guaranteed.<\/span><\/p>\n

Under the CLARITY framework, the pressure could extend beyond stablecoins themselves – reaching into front-end interfaces and even token models, especially where fee-sharing or governance starts to resemble equity-like behaviour.\u00a0 <\/span>If that interpretation holds, a large part of the DeFi sector could find itself under tighter constraints.<\/span><\/p>\n

Thielen points specifically to decentralised exchanges like Uniswap, SushiSwap, and dYdX, as well as lending platforms such as Aave and Compound. <\/span>These platforms could face new limits on how they operate, and on how they distribute value to users and token holders. <\/span>If that happens, the knock-on effects are fairly clear: lower trading activity, thinner liquidity, and weaker demand for tokens across the space.<\/span><\/p>\n

A Bigger Question About DeFi\u2019s Model<\/b><\/h2>\n

The issue isn\u2019t just compliance or added friction.\u00a0<\/span>A lot of DeFi is built around yield generation and token-based value accrual. If regulation draws a hard line between payment tools and investment products, some of those models may not fit cleanly on either side.<\/span><\/p>\n

Where those lines end up will matter. Some protocols may adapt. Others may need to rethink their design more deeply.<\/span><\/p>\n

Potential Winners: Regulated Players<\/b><\/h2>\n

While the outlook for DeFi looks uncertain under this framework, Thielen is more optimistic about regulated players. <\/span>Circle, the issuer of USDC, stands out as a likely beneficiary.<\/span><\/p>\n

If stablecoins are more tightly defined as payment instruments, that effectively pushes them deeper into formal financial infrastructure. Companies already operating within that regulatory perimeter could benefit from that shift. <\/span>As Thielen puts it, the legislation is \u201cstructurally bullish\u201d for firms like Circle that have leaned into compliance rather than yield-driven growth.<\/span><\/p>\n

Still Early – and Far From Final<\/strong><\/h2>\n

It\u2019s worth noting that the CLARITY Act hasn\u2019t passed yet, and the final version could look quite different. <\/span>Key provisions may change. Some may be softened. Others could be clarified in ways that alter the overall impact. <\/span><\/p>\n

Still, the broader point Thielen is making doesn\u2019t depend entirely on this one bill. <\/span>Tightening the rules around yield and value distribution tends to favour incumbents and puts pressure on more experimental, decentralised models.<\/span><\/p>\n

The Takeaway for DeFi<\/b><\/h2>\n

For DeFi builders and token holders, the message is a cautious one. <\/span>The idea that regulation on centralised platforms automatically creates an opening for decentralised alternatives sounds intuitive. But in practice, it may not hold up – especially once the details come into focus.<\/span><\/p>\n

And if Thielen is right, the fine print is where the real impact will be felt.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The CLARITY Act\u2019s yield ban on stablecoins may hurt DeFi more than expected, shifting value to traditional finance and tightening rules.<\/p>\n","protected":false},"author":55,"featured_media":217182,"template":"","meta":{"footnotes":""},"news_category":[815,822],"news_tag":[988,908],"class_list":["post-217181","news_article","type-news_article","status-publish","has-post-thumbnail","hentry","news_category-defi","news_category-regulation","news_tag-clarity-act","news_tag-stablecoins"],"acf":[],"yoast_head":"\nDeFi Faces Risks Under CLARITY Act Rules | Coin Insider<\/title>\n<meta name=\"description\" content=\"The CLARITY Act\u2019s yield ban on stablecoins may hurt DeFi more than expected, shifting value to traditional finance and tightening rules.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"twitter:label1\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 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