The Senate just cancelled the vote on the Clarity Act, and most people didn’t notice why.
Coinbase’s CEO came out and said they don’t support the bill.
The reason is simple: the law mostly benefits banks, not crypto.
It would ban yield on stablecoins, which protects banks from losing deposits.
It would push tokenized stocks under strict SEC control, killing DeFi-style markets.
And it would force heavy KYC rules that break permissionless DeFi.
Big banks don’t want competition.
They don’t want innovation.
This isn’t about “protecting users.”