White House stablecoin deadline slips as Hoskinson warns CLARITY Act could push US crypto founders offshore

The progress of H.R. 3633, the Digital Asset Market Clarity Act of 2025, intended to replace regulation by enforcement, has stalled amid conflicting industry views. Cardano founder Charles Hoskinson strongly opposes the bill, labeling it "trash" because he believes it defaults new crypto projects to securities status, potentially allowing the SEC to arbitrarily suppress new ventures and push US crypto founders offshore due to burdensome requirements. Conversely, institutions like JPMorgan view the legislation as a necessary catalyst, arguing that clear rules passed by midyear would reduce legal uncertainty, encourage tokenization, and facilitate broader institutional adoption in the latter half of 2026.

The current legislative holdup is largely centered on stablecoins, specifically whether issuers can offer rewards resembling yield, which banks oppose as a threat to their deposit base. This fight links the bill to broader concerns about bank funding and monetary stability. The potential outcomes range from a constructive passage leading to institutional growth, to passage with strict stablecoin limits, or a delay that preserves uncertainty and favors established assets over new projects.

Ultimately, the debate exposes a fundamental tension: whether the clarity provided by the CLARITY Act will create a more investable market for incumbents or become a restrictive gatekeeping regime that discourages new builders from launching projects in the US.

(Source：CryptoSlate)