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US SENATE VOTING ON CLARITY ACT HAS BEEN CANCELLED 🚨
And most people don't know the exact reason behind this.
Today, the Coinbase CEO said that they won't support the Crypto Market Structure Bill.
And here are some reasons:
1) No yield on stablecoins
The Clarity Act will prohibit any yield given to stablecoin holders.
This is beneficial for banks, as it'll kill their competition.
Even the JP Morgan CFO said that if stablecoin yields were to happen, a massive outflow from banks would happen.
2) De Facto Ban on Tokenized Equities
The Clarity Act forces "tokenized financial instruments" into the SEC's strict securities framework.
This limits innovation by requiring centralized control for compliance, which bans peer-to-peer or DeFi-style tokenization of stocks.
3) DeFi prohibitions
The Clarity Act requires AML/KYC, which prohibits anonymous and permissionless DeFi.
It also requires user identification and transaction monitoring, which kills the purpose of DeFi.
If you pay attention to all these things, you'll find something common.
Most of the things in the Clarity Act have been written in favour of the banking industry and not crypto.
Banks don't want to lose their monopoly, so they are trying to kill the crypto innovation.
Big banks know that their days are numbered, and now they are at the "then they fight you" stage.
$BTC
$ETH
$BNB
And most people don't know the exact reason behind this.
Today, the Coinbase CEO said that they won't support the Crypto Market Structure Bill.
And here are some reasons:
1) No yield on stablecoins
The Clarity Act will prohibit any yield given to stablecoin holders.
This is beneficial for banks, as it'll kill their competition.
Even the JP Morgan CFO said that if stablecoin yields were to happen, a massive outflow from banks would happen.
2) De Facto Ban on Tokenized Equities
The Clarity Act forces "tokenized financial instruments" into the SEC's strict securities framework.
This limits innovation by requiring centralized control for compliance, which bans peer-to-peer or DeFi-style tokenization of stocks.
3) DeFi prohibitions
The Clarity Act requires AML/KYC, which prohibits anonymous and permissionless DeFi.
It also requires user identification and transaction monitoring, which kills the purpose of DeFi.
If you pay attention to all these things, you'll find something common.
Most of the things in the Clarity Act have been written in favour of the banking industry and not crypto.
Banks don't want to lose their monopoly, so they are trying to kill the crypto innovation.
Big banks know that their days are numbered, and now they are at the "then they fight you" stage.
$BTC
$ETH
$BNB
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