Opinion: Amending Key Provisions of the "Clarity Bill" Will Lead to Legislative Failure and Should Be Passed Soon

BlockBeats News, August 22, Summer Mersinger, CEO of the Blockchain Association, stated in a post that with less than four weeks left until the U.S. Senate votes on the "Clarity Act" on September 15, reopening the months-long negotiated terms at this time will not improve the bill. Instead, it may restart the stalled negotiation process, ultimately risking legislative failure.

Mersinger noted that the two proposed amendments by the American Bankers Association (ABA)—replacing the existing standard with "substantially similar interest" and removing the word "solely"—are not mere wording changes but significant policy changes.

She pointed out that "substantially similar interest" is a legally flexible standard that could allow regulators to broaden the interpretation, and the removal of "solely" would alter the scope of the stablecoin yield restrictions in the "GENIUS Act," affecting the policy boundaries set by Congress earlier.

Mersinger stated that the ABA's concerns about stablecoins potentially causing bank deposit outflows lack empirical basis. Data shows that since the passage of the "GENIUS Act," U.S. bank deposits have grown for three consecutive quarters, with a total increase of over $800 billion.

She emphasized that what truly protects consumers is the establishment of a regulatory framework for digital assets. The "Clarity Act" will clarify the regulatory boundaries between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), requiring platforms serving U.S. customers to register and implement customer asset segregation, disclosure, and conflict of interest management rules.

Finally, Mersinger urged the U.S. Senate not to reopen negotiations, stating, "The bill is complete, the work is done, and on September 15, the Senate has the opportunity to move it forward, it should proceed directly to a vote."