U.S. Blockchain Association Calls for Passage of the Clarity Act

The CEO of the U.S. Blockchain Association, Summer Mersinger, stated that there are only four weeks left until the U.S. Senate votes on the Clarity Act on September 15, and reopening terms that have been negotiated for months could lead to legislative failure. Mersinger pointed out that two proposed amendments from the American Bankers Association—replacing the existing standard with "substantially similar to interest" and removing the word "solely"—are not mere textual adjustments but represent significant policy changes. She emphasized that "substantially similar to interest" could allow regulators to broaden their interpretation, while the removal of "solely" would alter the applicability of the restrictions on stablecoin yields outlined in the GENIUS Act. Mersinger believes that the ABA's concerns about stablecoins potentially leading to a loss of bank deposits lack a basis in reality, as data shows that U.S. bank deposits have increased for three consecutive quarters since the passage of the GENIUS Act, totaling over $800 billion. She called for the establishment of a regulatory framework for digital assets, clarifying the regulatory boundaries between the SEC and CFTC, and requiring platforms to register, implement customer asset segregation, information disclosure, and conflict of interest management rules. Mersinger concluded by stressing that the Senate should pass the Clarity Act directly.