“Your editorial "Clarity for Crypto, Sort Of" (Review & Outlook, Aug. 5) is right to flag the "regulatory gray zone" in which crypto operates and the need for legal certainty. Your criticisms of the Senate's Clarity Act, however, are unmerited. Clear jurisdictional lines, consumer protections and safeguards against illicit finance are good for all Americans, not just the "crypto boys" who support this legislation.
The editorial's concerns over stablecoin rewards and their risk to bank deposits aren't borne out by recent data. In fact, the evidence cuts the other direction. The White House Council of Economic Advisers found that a prohibition on rewards would do very little to protect bank lending. The Federal Deposit Insurance Corp. reported that deposits rose and loan growth was strong in the first quarter of 2026, even as stablecoin rewards already exist. Far from creating a loophole, Section 10404 expands the Genius Act's prohibition on interest and yield, which originally applied only to stablecoin issuers, to all digital asset platforms.
Finally, the Clarity Act doesn't provide a loophole to anti-money-laundering or illicit finance rules; it expands them. Titles II, III and IX of the Clarity Act strengthen illicit-finance protections across the crypto ecosystem in a technology-literate and responsible way. Section 10301 specifically ensures anyone controlling a protocol that operates like a securities intermediary doesn't escape Exchange Act or Bank Secrecy Act obligations, including anti-money-laundering and countering the financing of terrorism requirements.
Ji Hun Kim
CEO, Crypto Council for Innovation
Washington” [1]
1. Defending the Senate's Clarity Act for Crypto. Wall Street Journal, Eastern edition; New York, N.Y.. 07 Aug 2026: A14.
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