CLARITY vs Bank Alliance: An Inevitable Confrontation

Viewing the legislative battle over the CLARITY Act in a longer-term perspective, it closely resembles the historical surge of money market funds in the 1980s that challenged bank demand deposits. At that time, the banking industry also fought back fiercely, but ultimately could not stop the trend of interest rate marketization. Stablecoins are essentially the money market funds of the digital age—possessing both payment functions and the ability to offer market-based yields. The bank's defensive stance can be logically understood, but in terms of technological evolution, it is likely futile. The CLARITY Act is not the starting point of this transformation, but a necessary rule adaptation when the transformation reaches a critical point. What banks should truly do is not resist legislation, but accelerate their digital transformation; otherwise, even if the legislation is temporarily stalled, it will not change the ultimate outcome. #CLARITY法案推進受阻