Odaily Planet Daily report: Summer Mersinger, CEO of the Blockchain Association and former commissioner of the U.S. Commodity Futures Trading Commission (CFTC), published an article responding to the Wall Street Journal’s August 4 editorial, accusing it of a fundamental misinterpretation of the Clarity Act.
Mersinger stated that the bill explicitly prohibits stablecoins from offering holding rewards equivalent to interest on bank deposits, but permits reward mechanisms similar to credit card points or behavior-based incentives. Regarding DeFi regulation, Section 10301 requires the SEC to establish regulatory rules for protocols that are nominally decentralized but practically controllable, which does not constitute regulatory exemption; Section 10201 brings digital commodity brokers under all reporting obligations of the Bank Secrecy Act, while allocating $3 billion for state-level enforcement—contrary to The Wall Street Journal’s accusation of insufficient regulation of illicit finance.
Addressing concerns about a "shadow market" for tokenized securities, Mersinger emphasized that Bill 10505 explicitly states that securities remain under SEC regulation even after settlement on the blockchain. She argued that The Wall Street Journal is effectively defending the monopoly of traditional financial institutions, contradicting its longstanding advocacy of free-market principles. (CoinDesk)