We keep hearing stablecoins will somehow drain bank deposits. The White House @CEA47 dispelled that myth again. The deposit stays in the system, it only moves. Banning yield outright barely helps lending (0.02%!) and costs households ~$800M a year (!). The numbers don't lie. Despite all this, CLARITY 10404 already addresses purported deposit flight risk and now has a "regulatory circuit breaker," letting the Treasury Secretary to initiate a rulemaking if / when such a deposit flight actually occurs. If it's already here (which it clearly isn't), Treasury acts right away, and the circuit breaker addresses this. If it isn't happening, then the concern was never real to begin with. So which is it? Either way, Section 10404 already speaks directly to the concern.

👇Another reason why CLARITY is a strong bill and a major improvement over the status quo. It confirms that self-custodied digital assets cannot be treated as abandoned. CLARITY establishes that: (i) inactivity does NOT equal abandonment; (ii) no one can just seize / escheat self-custodied crypto; and (iii) owners don't have to take periodic actions just to keep their own coins. States and custodians are still permitted to apply normal unclaimed-property rules to custodial holdings (e.g., on an exchange). This also guards against dusting schemes targeting self-custodied assets like BTC. Time is NOW to pass CLARITY. 🇺🇸

Significant. @FLEOAORG expressing support for CLARITY and confirming what many of us know--this bill is strong on consumer protection and law enforcement. The time is now to pass CLARITY to ensure the U.S. has these strong guardrails in place.

The risks the Ranking Member spoke of exist right now because there’s no regulatory framework. The Clarity Act creates one by establishing clear rules at the SEC and CFTC to protect good actors, punish bad ones, and bring the digital asset industry back to America.

As they say, life is sometimes like a pie-eating contest where the reward for success is more pie. Yesterday’s bipartisan markup of the Clarity Act was a major step forward, but as Senators on both sides of the dais noted, there’s more work to be done before this legislation is ready for prime time. We’ll keep working in good faith to build the support needed to pass the bill on the Senate floor. 🥧

CLARITY Act advancing sends a clear signal that thoughtful crypto policy is bipartisan, and good for American consumers and American competitiveness. Crypto has been in need of a durable regulatory framework, and we’re that much closer to one. Keep up the momentum – congrats to all involved! 🇺🇸

Market structure and tax reform are necessary for comprehensive, durable U.S. leadership in digital assets. Read CCI's full letter to the Ways & Means Committee👇 / end.

Today's bipartisan vote in Senate Banking to advance CLARITY is a decisive turning point. What struck me was the conviction on both sides, those who voted to advance and even those who voted against. @Sen_Alsobrooks spoke powerfully about how the "digital revolution is upon us" — an opportunity for small businesses, wealth creation, and younger Americans who want to be part of it and the urgent need for the right protections. @SenLBR spoke with equal conviction about her constituents in DE and why getting this right matters. We now head to the Senate floor. @crypto_council looks forward to working w/ the full Senate to ensure the U.S. has a framework that protects Americans, enables responsible innovation across business types, safeguards developers, cements U.S. leadership, and more. Thank you to so many, incl. Chair @SenatorTimScott, @SenLummis, @berniemoreno, @SenThomTillis, @AlsobrooksForMD, @SenRubenGallego, and the exceptional staff whose hard work drove this forward. We are also deeply grateful for the expertise and leadership of @patrickjwitt, Tyler Williams, @harryjung, Nick Elliot, and their colleagues at the @WhiteHouse and @USTreasury.

Clarity advanced out of the Senate Banking Committee by a vote of 15-9. Thank you to Chairman @SenatorTimScott, @BankingGOP, @SenateBanking, and Committee Staff for all of the work and leadership with debating and today’s vote. CCI particularly appreciates all of the Senators who voted in favor of advancing Clarity, including @SenRubenGallego and @Sen_Alsobrooks. Today’s bipartisan vote is a critical step forward that puts the U.S. back in the global race for digital assets. We look forward to working with the full Senate as Clarity now heads to the floor. A statement from our CEO @_jikim follows:

Today marks a critical milestone in the Senate Banking Committee - moving the U.S. one step closer to the comprehensive, durable market structure framework. But for the U.S. to lead, it needs both market structure AND a workable tax framework. The House Ways & Means Committee had an important briefing on digital asset tax issues this morning. CCI and our members sent a letter. Key points for @WaysandMeansGOP and @WaysMeansCmte: 🧵

Senate Banking will markup the Clarity Act today, and CCI will be there. A lot of hard work and leadership went into this process from the full Committee and staff. This is an important step that will put the U.S. on a path to a durable federal framework for regulating digital assets with robust consumer protections and clear protections for developers. We respectfully urge the Committee to advance the bill. Watch:

It is time to make America the crypto capital of the world. It is time to pass the Clarity Act. It is time for America to lead. The future of digital assets belongs to us — if we choose to act.

The following statement is attributed to @crypto_council CEO @_JiKim and @blockchainassn CEO @SummerMersinger in response to law enforcement concerns about the Clarity Act: