What's happening with the CLARITY Act, the law on the structure of the #crypto market? 1. After passage, stablecoins will become an official means of payment. That is, any bank and issuer that meets the requirements will be able to issue their own stablecoin. Issuers must purchase U.S. Treasury securities for the same amount. This would be a strong boost and a good replacement for the current sovereigns holding U.S. debt. 2. Banks are lobbying for a ban on paying interest income to users. They fear capital outflows from their deposits ($5-$6tr in the long term). Due to a potential race in yields that could begin. 3. In that case, those who currently receive this yield will be hit hard. This is primarily Coinbase, since Circle pays about half of its income to Coinbase. That’s around $1.3 billion per year at the current supply. That's why they withdrew support for this law. That’s why the White House sent it back for revision. #crypto