Anti-DeFi Organization Airs TV Ad, Pressuring Senator to Pass "DeFi Exclusion" Crypto Legislation
BlockBeats News, January 10th, an anti-DeFi interest group is running an advertisement on US Fox News, calling on the public to pressure their state senators to push for cryptocurrency market structure legislation that does not include DeFi-related provisions.
Cryptocurrency reporter Eleanor Terrett shared a screenshot on Friday on the X platform showing that the organization "Investors For Transparency" wrote in the ad: "Tell your senator: pass cryptocurrency legislation that does not include DeFi provisions," and provided a hotline for viewers to directly contact the senator's office. The ad also stated: "Don't let DeFi hinder innovation."
The statements are believed to echo the core concerns of the banking industry lobbying group that the "CLARITY Act" may allow stablecoin issuers to offer interest-bearing products, resembling bank deposits, thereby posing a threat to the traditional banking system. The US Treasury Department estimated in April of this year that if stablecoins were widely adopted, up to $6.6 trillion in deposits could flow out of the traditional banking system.
At the time of the ad placement, the US Senate Banking Committee has issued a notice that it will amend the "CLARITY Act" for deliberation this Thursday (January 15) at 10 a.m. Eastern Time. The anti-DeFi action has sparked dissatisfaction in the cryptocurrency industry. Uniswap Labs CEO Hayden Adams stated that the organization opposes DeFi on one hand while not disclosing its members and funding sources, a practice that is "both ironic and unsurprising."
You may also like

Once you're over 25, you're already too old to be playing with meme coins.

Four New Frontlines Post Ceasefire | Rewire News Daily Brief

Holmez accepts Bitcoin for toll payment, how much can Iran earn?

When No One on the Team Wants to Sell: The Valuation Game at Anthropic Enters the “Seller Disappearance” Stage

Anthropic's new product, powerful enough to make the AI Agent Infrastructure team unemployed?

Trump Admin's $950 Million Bet on Oil Price Plunge Before Ceasefire Turned Crude Market into Insider Trading Heaven

Why Did Trump Take the US into War with Iran?

From Threat to Ceasefire: How Did the U.S. Lose Its Dominance?

How long can the Ethereum ecosystem survive after the launch of Mythos?

Morning News | Yi Lihua establishes AI fund OpenX Labs; Pharos Network completes $44 million Series A financing; Iran demands that Hormuz tankers pay Bitcoin as tolls

Ray Dalio's new article: The world is entering a war cycle

IOSG: When Fintech Meets Crypto Native: The Next Decade of Digital Finance

They knew in advance that Trump would tweet about a ceasefire, entered with $20k, and exited with $400k.

The biggest bottleneck in DeFi development

CZ Memoir Released: Reveals a Large Amount of Industry Insider Information, Prompting Intense Rebuttal from Xu Mingxing

a16z: After securities are on the blockchain, why will intermediary institutions be replaced by code?

XRP Tokyo Is Here: What We Learn and What’s Next for XRP Price
Key Takeaways: Ripple’s 2025 XRP Tokyo event highlights a projected $33 trillion on-chain stablecoin volume by 2026. Significant…

Solana’s Future: Navigating the $285M Hack, Rug Pulls, and Milei Libra Scandal
Key Takeaways: Multiple Crises: Solana faces a $285 million hack, allegations of rug pulls, and the Milei Libra…
