BlockBeats news: On January 10, an anti-DeFi interest group is running advertisements on U.S. Fox News, urging the public to pressure their state senators to support legislation on the structure of cryptocurrency markets that excludes DeFi-related provisions.
A screenshot shared by crypto journalist Eleanor Terrett on the X platform on Friday showed that the group "Investors For Transparency" wrote in an advertisement: "Tell your senator: pass crypto legislation that excludes DeFi provisions," along with a hotline number for viewers to directly contact their senator's office. The ad also stated: "Don't let DeFi block innovation."
The statement is seen as addressing the core concerns of banking lobbying groups, who fear that the CLARITY Act could allow stablecoin issuers to offer interest-bearing products resembling bank deposits, potentially disrupting the traditional banking system. In April of this year, the U.S. Treasury estimated that if stablecoins were widely adopted, as much as $6.6 trillion in deposits could potentially shift out of the traditional banking system.
The above advertisement was released as the U.S. Senate Banking Committee announced that it will hold a revised hearing on the "CLARITY Act" at 10:00 AM Eastern Time on Thursday (January 15). The anti-DeFi actions have sparked discontent within the crypto industry. Uniswap Labs CEO Hayden Adams remarked that the group's approach—opposing DeFi while simultaneously failing to disclose its members and funding sources—is "both ironic and not surprising."