The American community banking circle has recently made a big move—jointly voicing to tighten regulations on cryptocurrency legislation. Their core demand is clear: in the market structure legislation being promoted, it must explicitly prohibit related exchanges of stablecoin issuers from offering any form of yield or interest to users.

What’s the underlying logic? Simply put, it’s to prevent stablecoins from paying interest to users through a "circuitous" route. Imagine if stablecoins themselves cannot pay interest, but related exchanges can provide yields to users, then the original intention of regulation is bypassed. Such operations are effectively a disguised breach of the regulatory bottom line for stablecoins.

This reflects the ongoing concern of the traditional American financial system regarding the crypto ecosystem—they are not suppressing but clarifying the rules. Stablecoins are becoming increasingly important, and the liquidity of the entire crypto market depends on them, so the regulatory framework must be rigorous. This policy push may influence future product designs and revenue models of exchanges. Users of exchanges should continue to pay close attention to policy developments.