Politics aside…
It’s ironic that Congress failing to pass Clarity Act will result in President Trump’s SEC doing pretty much whatever they want within existing laws to fast-track crypto industry.
Sure, some of that work can be undone by another administration.
But crypto moves at warp speed. Might be too late at that point.
Interesting: the SEC poised to roll out a pair of major initiatives in the coming days that could further turbocharge the US crypto industry as a landmark digital asset bill stalls in Congress. Scoop via @pattersonscott
It drives me up the WALL to know that all these companies are buying HUGE amounts of Bitcoin, Ethereum and XRP and crypto investors are acting like we arent about to see the largest bull run in history. WE HAVE THE ANSWERS TO THE TEST and no one is paying attention to any of it
🚨🗞️NEW: Clarity Gets a September Lifeline as SEC Tees Up Proposal for Crypto Offering Rules
The Senate punted a procedural vote on the Clarity Act. How it happened and what comes next as regulators prepare to move ahead with crypto rules of their own.
https://t.co/B9EKDgFUdE
Larry Fink, CEO of BlackRock, the world’s largest asset manager with $15 trillion under management, has called tokenization “the next generation for markets.” After a decade of hype, false starts and promising pilots, mainstream financial institutions are moving real assets onto blockchains in earnest.
Read more: https://t.co/9pHuqUwTE6
Photo: Markus Schreiber via Associated Press
At this point the Clarity Act is never passing.
We are still stuck on stablecoin yield/stablecoin issues from 8 months ago.
It's honestly a disgrace that we are allowing banks/banking organizations to be a part of the legislative process.
Some community banks are suggesting stablecoins are driving deposit flight. The data says otherwise: BofA shows household deposits rising across income groups this year, and the FDIC reports domestic deposits grew for a seventh straight quarter. Community banks actually outperformed the industry, posting 5% deposit growth.
If the worry is the Clarity Act compromise itself, that’s backwards. Section 404 bars stablecoin issuers from paying anything that functions like interest, even disguised as rewards or points, and bans marketing stablecoins as deposits or FDIC-insured. It’s actually tougher than current law, not looser.
The real story behind closing community banks isn’t stablecoins. It’s consolidation: 2,000 community banks lost in a decade, only 62 new ones formed, and the buyers are super regional banks, not crypto companies.
The Banking Committee already built a nine-provision community bank package into the housing bill to help with deposit retention, on top of tightening stablecoin yield rules under Clarity.
Killing the Clarity Act won’t help community banks. It just protects the status quo they say is broken.
The fight for Clarity on September 15 is a fight over who will control our money - the Big Banks, or us.
Take this fight to your state. Show up at your senator’s state events during the recess. Ask where they stand on Clarity, record their answer and post it online. Tag us, we’ll repost it.
Be respectful. Be firm. Be fearless. Remind them there is a growing pro-crypto voter bloc, and there is no anti-crypto vote out there.
Join the fight. The Big Banks operate in the darkness. We move in the daylight and we won’t back down.