A newly launched ad campaign is pressing a blunt message into living rooms and phone banks: tell your senator to back crypto legislation only if decentralized finance (DeFi) is excluded. The spots — running in prime time on Fox News, according to broadcast logs and industry reports — are paid for by a group calling itself “Investors For Transparency.” Each commercial includes phone numbers and a web address, and urges viewers to contact their senators ahead of a Senate Banking Committee markup of the CLARITY Act scheduled for January 15, 2026. The ads argue that folding DeFi into federal law poses systemic risks and cite a widely discussed $6.6 trillion figure tied to how much bank deposits could be vulnerable if stablecoins with interest-like features win broad use. What’s happening now - The CLARITY Act, framed as a crypto market-structure bill, is heading for consideration by the Senate Banking Committee. Committee chair Sen. Tim Scott has said he expects to move on crypto legislation, and lawmakers are balancing investor protections with the desire not to stifle innovation. - Committee members are getting calls from advocacy groups and industry players on both sides. The new ads explicitly urge senators to strip DeFi provisions and any new stablecoin rules that could allow interest-like yields from the bill before the scheduled markup. Who’s behind the push — and who objects - “Investors For Transparency” is the named sponsor of the TV buy; however, public filings and media reporting have not identified a single donor or funding source that explains the scale of the ad buy. Industry figures say a campaign attacking DeFi while claiming to represent investors should disclose its backers. - DeFi proponents and crypto firms have pushed back. Hayden Adams, CEO of Uniswap Labs, criticized the group’s name as misleading and questioned who is bankrolling the ads. Some market watchers have also called the ads’ emphasis on the $6.6 trillion bank-deposit risk overstated, saying the estimate depends on multiple speculative assumptions. Why the debate matters Supporters of the ad campaign say excluding DeFi and curbing stablecoin features that resemble interest would protect the traditional banking system from abrupt outflows and systemic stress. Opponents counter that carving DeFi out of federal law could lock in regulatory uncertainty, undermine U.S. competitiveness in an ecosystem where developers and users already operate globally, and leave firms without clear rules of the road. What to watch next With the January 15 markup looming, expect heightened outreach and grassroots pressure on senators in the coming days. The fight over whether DeFi falls inside or outside federal regulation will be a central flashpoint as the Senate considers the CLARITY Act — and the mystery around who paid for the TV blitz may itself become part of the story. (Image credit: Unsplash; chart: TradingView) Read more AI-generated news on: undefined/news

#ETF