The legal regulatory framework for the cryptocurrency industry is under close scrutiny, and former JPMorgan and Citigroup executive Austin Campbell has shared his views, which may change the industry's perception of a market structure law known as the 'Clarity Act'.
Campbell believes that, rather than whether the bill can pass, the quality of its content and the handling by relevant agencies are more critical.
He specifically criticized the large banks' push to ban stablecoin yields. Campbell pointed out that banks oppose stablecoin yields because they see stablecoins as a competitive threat, calling this move a significant mistake.
“The opposition from large banks to stablecoin yields is actually raising their own financing costs and harming the global competitiveness of the dollar. Stablecoin reserves are primarily invested in bank deposits and government bonds. The banks, which should be the biggest beneficiaries of this system, are lobbying against their own interests due to a misunderstanding of the issues by their leadership.”
Campbell stated that due to political disputes in the Senate and disagreements among major agencies, the 'Clarity Act' is unlikely to pass. However, he added that this is not the end of the world.
The analyst believes that with the introduction of the 'Genius Act' or similar stablecoin regulatory frameworks, the importance of the 'Clarity Act' has diminished. Currently, a legal framework allowing banks to enter this field is gradually taking shape.
Campbell remains optimistic about the future, predicting that by 2035, a significant portion of various information and assets, from property records to driver's licenses, will be transferred to the blockchain.