An anti-decentralised finance group is running ads on Fox News pushing the public to put pressure on their senators to pass crypto market structure legislation that leaves DeFi provisions identified to be threatening to the banking industry.
On January 9, two screenshots were shared on X by Crypto in America host Eleanor Terrett, and the Investors For Transparency members mentioned, “Tell Your Senator: Pass Crypto Legislation Without DeFi Provisions.” He also shared a hotline number to contact their local senators.
Another piece of the ad mentioned, “Don’t Let DeFi Stall Innovation.” The ad seems to reflect concerns from banking lobbyists over the CLARITY Act allowing stablecoin issuers to give interest-bearing products that could be impersonated as bank-like deposits and certainly get trillions of dollars from the traditional banking system.
The US Treasury calculated in April that $6.6 trillion worth of traditional banking deposits could pour out of the banking system if stablecoins witness widespread adoption. It comes after the Senate Banking Committee published an official notice for its CLARITY Act markup set for January 15.
Members are unhappy because of this move
Many members of the crypto community are not happy with the banking lobby efforts. The chief executive officer of Uniswap Labs, Hayden Adams, mentioned that the move is ironic and unsurprising that the Investors For Transparency organisation is running an ad campaign against DeFi while not telling who they actually are and from where they get funds.
Various Democratic policymakers are also putting forth conflict-of-interest safeguards in the crypto market structure bill. The fear also revolves around slowing the momentum of the CLARITY Act bill of the 2026 US midterm election, with TD Cowen’s Washington Research Group reporting the bill may not pass Congress till 2027, having final execution likely pushed to 2029.
The Chair of the Senate Banking Committee, Tim Scott, although, seems confident that it can be passed quicker and give real results for the American people.
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