Coinbase Chief Policy Officer (CPO) Faryar Shirzad expressed disappointment with the Wall Street Journal's (WSJ) editorial criticizing the CLARITY Act. He stated that the WSJ merely echoed the banking industry's arguments, and its claims regarding stablecoins and DeFi are also contrary to the facts. Shirzad stated via X, "Under the CLARITY Act, stablecoin rewards are subject to various restrictions and linked to user activity. There is no basis to support claims of bank deposit outflows, and three independent studies, including a report from the White House Council of Economic Advisers (CEA), have reviewed this." He added, "Stablecoins and deposits have grown together for years." He continued, "The CLARITY Act does not grant criminal immunity to DeFi. It merely clearly distinguishes between writing code and financial intermediation, and fraud, sanctions, and money laundering remain subject to punishment." He urged, "The U.S. needs sustainable federal-level regulation, and the Senate should pass the CLARITY Act."
