USDC stablecoin issuer Circle (CRCL) saw its stock crash crash 18% on Tuesday, as the Clarity act continues to hit crypto stocks hard. Executives learned on Tuesday that the revised crypto market structure bill currently in the Senate would ban rewards on stablecoin balances.

Indeed, the latest version of the Clarity Act would prohibit platforms from offering yield on customers’ stablecoin holdings in any way that resembles a bank deposit, according to an email from the Blockchain Association to its members and reviewed by Barron’s reporters. The proposal permits activity-based rewards, but the Blockchain Association, which represents crypto companies, is seeking further details on permissible activities.

Other crypto stocks also took strong hits on Tuesday, but Circle (CRCL) was by far the worst. Coinbase crypto exchange (COIN) saw shares tumble as much as 12%, while BLSH and MSTR also fell just shy of 10%. Investors are worried that a ban on stablecoin yield will slow or limit the adoption of USDC by eliminating a key incentive for holders. Previously, those stocks skyrocketed as the bill made its way through regulatory hurdles.

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Fortunately, the proposal isn’t a total shutdown of stablecoin incentives. Activity-based rewards tied to user behaviour — loyalty programs, promotional bonuses, or subscription perks — would still be permitted, as long as they are not deemed equivalent to interest payments. Furthermore, The bill would direct the SEC, CFTC, and Treasury to jointly define what counts as a permissible reward and set anti-evasion rules within one year of passage.

The global crypto market cap fell 2% on Tuesday, with all of the industry feeling the impact of the clarity act update.