3月11日消息，美国加密市场结构立法《CLARITY法案》目前仍在参议院陷入停滞。围绕稳定币收益机制的分歧成为主要障碍。多名参议员正在尝试寻找折中方案，希望在2026年中期选举前推动该法案完成立法程序。
《CLARITY法案》被视为美国数字资产监管体系的重要组成部分。该法案已于2025年7月在众议院获得两党支持通过，并提交至参议院银行委员会审议。但在进入委员会程序前，稳定币是否允许提供利息或奖励的问题引发激烈争论，导致立法进程放缓。
银行业机构普遍反对稳定币提供收益，理由是此类产品可能与传统银行存款形成直接竞争，从而导致存款资金流出银行体系。据报道，上周银行业拒绝了一项由白宫支持的折中提案，该方案原本试图通过限制奖励结构来缓解争议。加密行业则认为，奖励机制是数字资产市场的常见模式，若完全禁止可能削弱创新空间。
目前部分参议员正在讨论新的妥协路径。例如，一些方案提出允许稳定币在支付或交易场景中提供有限奖励，同时限制闲置资金获得利息收益。但银行方面仍对任何类似存款利率的结构保持谨慎态度，因此谈判仍在持续推进。
除了政策分歧外，时间压力也成为立法的重要挑战。如果国会希望在本届会议期间完成立法，《CLARITY法案》需要在2026年11月中期选举前获得通过。根据当前议程安排，国会实际可操作的立法窗口仅剩三个阶段。
第一个窗口期为今年春季，即3月至5月之间。如果参议院能够在未来数周解决稳定币收益问题，银行委员会可能在3月底或4月安排法案审议，并推动进入参议院全体投票程序。然而，多个休会期已经压缩了实际可用时间，使这一阶段成为最关键的推进机会。
第二个窗口期在6月至7月，但随着议员逐渐投入中期选举活动，立法优先级可能下降。第三个窗口期则是9月，这是选举前最后的可能时间，但在政治环境紧张的背景下，通过重大金融监管法案的难度将明显增加。
随着稳定币监管、数字资产市场结构以及金融体系竞争问题交织，美国加密立法的最终走向仍存在不确定性。《CLARITY法案》能否在有限时间内完成立法，将对未来美国数字资产监管框架产生深远影响。
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