Community Banks, Crypto Industry 'Are Allies' In CLARITY Act Clash: Exec
A crypto executive argues community banks and the crypto industry are allies against large banks in the CLARITY Act debate.Summary
Austin Campbell, founder of Zero Knowledge Consulting, asserted that community banks and the crypto industry are allies, not enemies, in the debate surrounding the US CLARITY Act. He claimed that major banks and their lobbies are manipulating both sides into conflict to benefit themselves, specifically mentioning Jamie Dimon's bonus as a potential outcome. Campbell believes community banks face technological and regulatory issues that stablecoins can help solve. This perspective counters statements from the Independent Bankers Association of Texas, whose president argued that concessions in the CLARITY Act would harm local lending. Banking lobbies fear stablecoins could siphon deposits, with Standard Chartered estimating a potential one-third reduction in stablecoin market cap from US bank deposits. The debate has also attracted attention from Donald Trump and Eric Trump, who criticized large banks for lobbying against measures that would allow Americans higher savings yields, with Donald Trump urging the Senate to pass the market structure bill quickly.
(Source：Cointelegraph)