The latest version of the crypto bill, the Clarity Act, may be a significant impact on decentralized finance (DeFi) and tokens tied to it, according to a report by 10x Research. The proposal includes a ban on offering yield on stablecoin balances, effectively redefining them as payment rails. This could leave DeFi less room to compete on returns and lead to lower volumes, reduced liquidity and weaker token demand. However, the proposed regulation is beneficial for infrastructure players like Circle.