TechFlow reports that on March 11, Paul Grewal, Coinbase’s Chief Legal Officer, posted on X stating that certain proposals under the CLARITY Act are unreasonable. While banks claim they need to prevent so-called “deposit outflow risk,” there is no evidence supporting this risk; the reality may instead be “transferring stablecoin rewards from retail consumers’ pockets into the pockets of the world’s largest banks.” Patrick Witt, Executive Director of the U.S. President’s Digital Assets Advisory Committee, also spoke out, emphasizing that the CLARITY Act must retain its legislative purpose of supporting innovation. Attempts to “hijack the legislative process” and transform the bill into an anti-competitive measure are “shameful.” Relevant legislation should continue fostering innovation in the digital asset industry—not restricting market competition.
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