Shares of Circle surged after lawmakers over the weekend struck a compromise on the market structure bill known as the CLARITY Act, preserving stablecoin reward programs under certain conditions.

On Friday, key language in the proposed crypto legislation was updated to restrict crypto companies from paying savings account-like interest or yield to users on passive stablecoin deposits – leaving that function to traditional banks. However, the bill does allow rewards as usage-driven incentives that could be tied to activity like trading, transactions or staking, as expected.

The stablecoin issuer Circle jumped 16%, while