Odaily Planet Daily reports: Coinbase Chief Policy Officer Faryar Shirzad posted on X that the Wall Street Journal’s criticism of the CLARITY Act is disappointing, as it abandons free market and competition principles in favor of protecting regulatory barriers and echoing the views of the Banking Association.
Shirzad stated that the CLARITY Act imposes several restrictions on stablecoin rewards and ties them to customer activity, and there is currently no evidence supporting the claim of “deposit flight.” He noted that three independent studies, including those by the White House Council of Economic Advisers (CEA), have found no evidence that stablecoin growth leads to bank deposit outflows.
In addition, Shirzad emphasized that the CLARITY Act does not provide immunity for DeFi-related criminal activities; rather, it distinguishes between code developers and financial intermediary operators, and fraudulent activities, sanctions violations, and money laundering will still be subject to legal accountability.
Shirzad urged the U.S. Senate to pass the CLARITY Act, stating that the United States needs to establish long-term, stable federal regulatory rules for digital assets.