The biggest change from the Clarity Act, now moving through the U.S. legislative process, could be the birth of a new market called “yield-as-a-service,” a forecast said.

Joe Bollono (조 볼로노), chief commercial officer at stablecoin infrastructure company STBL, said this in a recent interview with CoinDesk.

Under Section 404 of the Clarity Act, digital asset service providers (DASPs) and affiliates cannot offer yield simply by holding digital assets. If the rule takes effect, it could fundamentally change how crypto users earn returns. The market could move from passive “hold yield” products to compliant, active yield-generation strategies.

“The industry shifts from a market where you earn by holding to a market where you earn by using,” Bollono said. “To earn rewards from idle capital, compliant yield strategies become necessary,” he said.

The Clarity Act has already passed the Senate Banking Committee. After it is combined with a Senate Agriculture Committee bill and coordinated in the House of Representatives, a full vote could come as early as July. After passage, regulators must implement a framework within about 12 months.

Bollono, who worked at Morgan Stanley for more than 7 years, sees the Clarity Act’s impact as extending beyond yield products. With regulatory clarity secured, he said institutional capital could enter the crypto market on a large scale. “If these issues are resolved, large-scale capital inflows become possible. That is the real catalyst,” he said.

Bollono also forecast the emergence of a layer of middle infrastructure providers specialising in compliant yield generation. In that environment, he said DeFi infrastructure, vault curators, collateral management platforms, automated financial services, lending markets and reward systems could benefit.