Disappointing to see the @WSJopinion – usually a champion of free markets and competition – abandon serious analysis, defend regulatory moats and recycle bank association talking points. Stablecoin rewards are subject to multiple restrictions under CLARITY, and are tied to customer activity. There is no evidence to support the “deposit flight” claims: three independent studies (including one from the White House @CEA47) have looked at this exhaustively. Plus, there's the fact that stablecoins and bank deposits have grown side by side for years - even without the restrictions banks successfully lobbied for in the bill. CLARITY also doesn’t give DeFi a free pass for criminals. It draws a bright line between writing code and running a financial intermediary – while fraud, sanctions, and money-laundering violations remain fully prosecutable. Americans deserve durable federal rules. They also deserve a more serious take from the @WSJ. The Senate should pass CLARITY.