Faryar Shirzad, chief policy officer at Coinbase, struck an optimistic tone about the long-awaited Clarity Act on Monday, claiming that there is bipartisan support for the bill in its current form.
to talk Shirzad told Fox Business on Monday that it’s time for Democrats and Republicans to unite on the Clarity Act — and added that a vote could happen as soon as next week.
“This bill is an extraordinary bipartisan act,” he said. “It’s ready for the final procedure. We’re very excited that it’s going to be done.”
Lawmakers have been considering the Clarity Act since last year, which would define regulation of cryptocurrencies.
A new draft began circulating last week banning officials and their families from issuing or promoting cryptocurrencies — something opposition lawmakers had previously objected to.
But some Democrats remain unsatisfied with the bill in its current form. A group of Democrats last week He said In a statement that the draft law in its current form falls short.
The bill has been deadlocked this year, in part because bank chiefs have raised concerns about stablecoin returns and ethical concerns.
Banking lobbyists have said that if cryptocurrency exchanges pay attractive returns to customers, banks could lose their deposit base.
But Shirzad brushed aside these concerns, claiming that banks are already adopting cryptocurrency technology.
He continued: “The irony of the situation we face with the banking lobby in Washington is that all banks are moving quickly to adopt cryptocurrencies and stablecoins into their own systems.”
“I think the banks’ adoption of this technology tells you that as much as the lobbyists in Washington resist change, the long-term plan for the banks at the top is to adopt the technology, and the outcome will be a win-win.”
Major US banks – including JPMorgan and Bank of America – have expressed interest or have already begun launching stablecoin products, which run on blockchain technology.
