“In "Clarity for Crypto, Sort Of" (Review & Outlook, Aug. 5), the Journal's editorial board writes that key provisions in the Senate's Clarity Act, the digital asset market structure bill, are "worth supporting," but then goes on to criticize other aspects of the legislation. These concerns are misplaced.
The current system leaves customers vulnerable to another FTX-style fraud.
The Clarity Act would provide much-needed legal certainty after years of regulation-by-enforcement that pushed American innovation offshore.
Congress is finally willing to act.
The board argues that exchange rewards are a workaround to the Genius Act's ban on stablecoin interest payments, but this misinterprets the law. The Genius Act prevents stablecoin issuers from functioning like deposit-taking banks by banning them from paying interest or yield to token holders.
By contrast, third-party exchange rewards such as trading fee discounts or lower loan rates are standard promotional perks (like credit card rewards), not cash interest yields.
The board fails to make the case for how exchange rewards function like bank deposits.
The board's argument that stablecoin rewards could trigger a deposit flight from small banks relies on a hypothetical scenario rather than market reality. Critics in the 1970s made a similar argument about money market mutual funds, but those fears proved unsubstantiated.
Finally, the board compares decentralized networks to eBay but overlooks the Clarity Act's strict legal decentralization test. This test would ensure that bad actors can't hide behind fake decentralization to dodge anti-money-laundering and know-your-customer rules.
Sen. Cynthia M. Lummis (R., Wyo.)
Cheyenne, Wyo.” [1]
1. Finally, Legal Certainty for Cryptocurrency. Wall Street Journal, Eastern edition; New York, N.Y.. 08 Aug 2026: A12.
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