Cryptio CEO on Stablecoin Legislation: The current ban is a "self-interested action" driven by bank lobbying

Deep Tide TechFlow message, March 28, according to a report by Crowdfund Insider, Cryptio, a crypto market infrastructure company, CEO Antoine Scalia commented on the stablecoin yield provisions in the U.S. Senate’s CLARITY Act (Crypto Market Structure Bill), saying the current ban is a “self-serving act” driven by bank lobbying.

Scalia noted that both the GENIUS Act (stablecoin bill) and the Senate version of the CLARITY Act significantly restrict stablecoin yields, mainly because traditional banks worry that deposits will be lost to high-yield stablecoins. He said, “The CLARITY debate is shifting from a purely risk-focused approach toward a more balanced consideration of market structure and U.S. dollar competitiveness. Overly restricting stablecoin incentive mechanisms could push liquidity overseas without reducing risk. ” He emphasized that the digital dollar market will inevitably evolve through yields, rewards, and similar mechanisms; the policy key is to ensure it is transparent, auditable, and anchored in the U.S. regulatory framework, rather than simply banning it.

Scalia believes that allowing stablecoin yields benefits U.S. consumers and the global reserve currency status of the dollar, and that bank lobbying based on “uncertainty” lacks empirical support.