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Anti-DeFi Organization Airs TV Ad, Pressuring Senator to Pass "DeFi Exclusion" Crypto Legislation
BlockBeats News, January 10th, an anti-DeFi interest group is running an advertisement on US Fox News, calling on the public to pressure their state senators to push for cryptocurrency market structure legislation that does not include DeFi-related provisions.
Cryptocurrency reporter Eleanor Terrett shared a screenshot on Friday on the X platform showing that the organization "Investors For Transparency" wrote in the ad: "Tell your senator: pass cryptocurrency legislation that does not include DeFi provisions," and provided a hotline for viewers to directly contact the senator's office. The ad also stated: "Don't let DeFi hinder innovation."
The statements are believed to echo the core concerns of the banking industry lobbying group that the "CLARITY Act" may allow stablecoin issuers to offer interest-bearing products, resembling bank deposits, thereby posing a threat to the traditional banking system. The US Treasury Department estimated in April of this year that if stablecoins were widely adopted, up to $6.6 trillion in deposits could flow out of the traditional banking system.
At the time of the ad placement, the US Senate Banking Committee has issued a notice that it will amend the "CLARITY Act" for deliberation this Thursday (January 15) at 10 a.m. Eastern Time. The anti-DeFi action has sparked dissatisfaction in the cryptocurrency industry. Uniswap Labs CEO Hayden Adams stated that the organization opposes DeFi on one hand while not disclosing its members and funding sources, a practice that is "both ironic and unsurprising."
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