'Crypto vs. Banks' Is the Wrong Debate, CEO Says

Summary

Crypto Council for Innovation CEO Ji Hun Kim discusses the status of the Clarity Act and crypto market structure legislation in the U.S. Senate. He expresses cautious optimism about a potential markup in the coming weeks, addresses key sticking points like stablecoin rewards and banking industry concerns, and emphasizes the bipartisan and global imperative for regulatory clarity. The conversation outlines the legislative process and why the speaker believes the industry and banks share common goals.

• Senate Banking Committee is working on the Clarity Act with unresolved issues including stablecoin rewards and tokenization.
• Senate Agriculture Committee has already passed its portion of the market structure bill.
• The banking industry's concerns about deposit flight from stablecoin rewards are disputed by the speaker and a recent White House report.
• A markup in the Senate Banking Committee could occur as soon as April or May.
• The Clarity Act includes provisions for bank permissibility, allowing banks to engage in crypto activities like custody.
• The two Senate bills will need to be combined via an amendment or Senate floor process.
• The speaker highlights a global regulatory race, with the EU, UK, and Asia Pacific moving quickly.
• Bipartisan support for crypto regulation remains strong, even if the bill is delayed beyond the current session.