《CLARITY Act》 Stablecoin Yield Rule Finalized, Entering "Launch Phase"
May 2 — Faryar Shirzad, Coinbase’s chief legal officer, said the CLARITY Act—designed to bring regulatory clarity to the U.S. crypto industry—is one step closer to becoming law after the release of new stablecoin yield rules.
Senators Thom Tillis and Angela Alsobrooks previously unveiled final text aimed at resolving a stablecoin yield dispute between banks and crypto firms, centered on whether such yields would undermine the banking system’s competitiveness.
Shirzad said: “In the end, banks lobbied for stricter reward restrictions, but we held firm on what matters: Americans’ ability to earn rewards tied to real-world usage on crypto platforms and networks.”
Section 404 of the bill—banning yield-generating payments for payment stablecoins—bars crypto firms from paying customers any interest or yield solely for holding a stablecoin (similar to a bank deposit or other interest-bearing product). It does, however, allow rewards linked to “real-world activities.”
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The Bank of England is considering slowing down the development of the digital pound and is evaluating alternative solutions such as tokenized deposits.
On May 2, Bloomberg reports that the UK Treasury and Bank of England are weighing slowing development of the digital pound, nicknamed “Britcoin.”
UK officials are eyeing a middle-ground approach: delaying progress on the CBDC rather than making a final call this summer to approve or scrap the project.
One key driver for the delay? Private-sector innovations like tokenized deposits may offer alternatives—enabling faster, cheaper payments while tapping the existing regulated banking system.
Bank of England Governor Andrew Bailey still doubts the need for a retail digital pound, per the report.
By contrast, the European Central Bank is pushing ahead with its digital euro initiative, while the U.S. has paused work on a central bank digital currency (CBDC).
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xAI Launches Voice Cloning Feature, Supporting 28 Languages
On May 2nd, xAI rolled out a Voice Cloning feature for its API. Users can generate a custom voice in roughly 2 minutes, or pick from a library of 80+ preset voices spanning 28 languages—for use in voice assistants, audiobooks, and video game characters, among other scenarios.
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U.S. OFAC Warning: Sanctions Risk of Paying Iran's "Strait of Hormuz Transit Fee" in the Form of Digital Assets
On May 2, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a warning noting Iran’s threats to shipping and its demand that vessels pay a “transit fee” for safe passage through the international waters of the Strait of Hormuz.
These fees may be paid via fiat currency, digital assets, offset agreements, informal exchanges, or other in-kind forms—including ostensible charitable donations to the Iranian Red Crescent, Bonyad Mostazafan Foundation, or Iranian embassy accounts. OFAC’s alert reminds U.S. and non-U.S. persons that paying such fees or seeking passage assurances carries sanctions risks, regardless of the payment method.
Under U.S. sanctions rules:
- U.S. persons and their owned/controlled foreign entities are generally barred from transacting with the Iranian government (including providing or receiving services) unless exempted or authorized.
- U.S. persons may not engage with the Islamic Revolutionary Guard Corps (IRGC)—a designated
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Trump Claims U.S. Could "Almost Immediately Take Over" Cuba
**May 2nd —**
On May 1 local time, Donald Trump said during a speech the U.S. could "almost immediately" take over Cuba. He also stated, "We will first deal with one target (Iran)—I have always liked finishing things."
Trump additionally announced the U.S. will deploy the USS Abraham Lincoln aircraft carrier off Cuba’s coast. Earlier that day, prior to his remarks, he signed an executive order expanding U.S. sanctions against the Cuban government.
*Source: CCTV News*
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