Friends, we all know that the CLARITY Act has been postponed, and that the delay is due to opposition from figures like the CEO of Coinbase. But do you know why prominent figures in the cryptocurrency field are trying to block a cryptocurrency bill that many consider to be beneficial?
- Tokenized Stocks are Restricted
The CLARITY Act has extremely strict definitions and exemption conditions for "on-chain securities," effectively blocking the path for "U.S. stocks on-chain." Currently, companies like Coinbase, Robinhood, and even Binance are retreating from trading U.S. stocks on-chain, which is the clearest RWA event at the moment.
- Functional Regulation of DeFi
The draft includes provisions that would impose compliance obligations on "control/ front-end/ governance participants," which is precisely what the DeFi community finds most objectionable. In simple terms, this means the government would gain access to all DeFi information, while the most appealing aspect of decentralization is the absence of KYC. The passage of the CLARITY Act would mean that DeFi in the U.S. would become like a bank.
- SEC Power Boundary Issues
The CLARITY Act does delineate the powers of the SEC and CFTC, but at the execution level, the SEC still holds stronger interpretative authority and enforcement priority.
- Stablecoins Not Allowed to Earn Interest
This is the most critical point; the banking industry is concerned that stablecoins are taking away their business.
- Ethical Regulations on Conflicts of Interest for the Trump Family
One of the biggest beneficiaries of cryptocurrency in the past two years has likely been Trump. Not only the Democrats but even within the Republican Party, there is a strong sentiment that it is necessary to limit Trump and his presidential powers.
Given these issues, it seems difficult to find solutions at the moment, and it is likely that delays will continue for some time.
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