Banking industry continues opposing the CLARITY Act, particularly stablecoin yield and DeFi provisions, according to Blockchain Association CEO Summer Mersinger.
Regulation & Gov ·
The Blockchain Association's leader contends that banking industry opposition continues to threaten the CLARITY Act, specifically targeting stablecoin yield and decentralized finance provisions. Summer Mersinger, the association's CEO, noted during remarks at the Injective Policy Summit that banks are actively lobbying Senate offices on the matter, with community banks reported in every office contacted.
Mersinger attributed the persistence to a prior negotiation breakdown. The crypto industry made substantial concessions in an earlier yield agreement that did not benefit the sector, she said; banks subsequently withdrew from the arrangement. Senators have since signaled that the banking sector had an opportunity and declined the settlement negotiated by Tilson and Elsa Brooks, leaving many unwilling to restart talks.
The CLARITY Act faced an imminent procedural milestone at the time of the statement, with Senate Banking and Agriculture Committee bills set to merge ahead of a cloture vote expected in the following week. Remaining outstanding are negotiations on ethics provisions intended to secure Democratic support, potential meme coin regulations as a possible compromise, and the status of the Anti-CBDC Act's placement in housing legislation.