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

February 10th Key Market Information Gap, A Must-See! | Alpha Morning Report

About ERC-8004: Everything You Need to Know

ai.com's Debut Flop: After $70 Million Transaction, Did It Get a '504' Timeout?

FedNow versus The Clearing House: Who Will Win the Fed Payments Fray?

Recovering $70,000 in Lost Funds: The "Fragile Logic" Behind Bitcoin's Rebound

Mr. Beast acquires Step, Farcaster Founder Joins Tempo, what are the international crypto circles talking about today?

February 9th Market Key Intelligence, How Much Did You Miss?

After being questioned by Vitalik, L2s are collectively saying goodbye to the "cheap" era
WEEX AI Trading Hackathon Paris Workshop Reveals: How Retail Crypto Traders Can Outperform Hedge Funds
Witness how WEEX's Paris AI Trading Hackathon revealed AI's edge over human traders. Explore key strategies, live competition results & how to build your own AI trading bot.

U.S. Oil (USOR) Price Prediction 2026–2030
Key Takeaways U.S. Oil (USOR) is a speculative Solana-based crypto project that aims to index the United States…

USOR Surges on Meme Narrative Despite No Real-World Asset Backing
Key Takeaways: USOR, a Solana-based token, has seen a notable surge driven by speculative narratives rather than verifiable…

How to Buy U.S. Oil Reserve (USOR) Cryptocurrency
Key Takeaways U.S. Oil Reserve (USOR) is a Solana-based token primarily traded on decentralized exchanges (DEXs). Claims have…

USOR vs Oil ETFs: Understanding Why the ‘Oil Reserve’ Token Doesn’t Track Crude Prices
Key Takeaways The U.S. Oil Reserve (USOR) token has become noteworthy for its claims, yet it does not…

Trend Research Reduces Ether Holdings After Major Market Turbulence
Key Takeaways: Trend Research has significantly cut down its Ether holdings, moving over 404,000 ETH to exchanges recently.…

Investors Channel $258M into Crypto Startups Despite $2 Trillion Market Sell-Off
Key Takeaways: Investors pumped approximately $258 million into crypto startups in early February, highlighting continued support for blockchain-related…

NBA Star Giannis Antetokounmpo Becomes Shareholder in Prediction Market Kalshi
Key Takeaways: Giannis Antetokounmpo, the NBA’s two-time MVP, invests in the prediction market platform Kalshi as a shareholder.…

Arizona Home Invasion Targets $66 Million in Cryptocurrency: Two Teens Charged
Key Takeaways Two teenagers from California face serious felony charges for allegedly attempting to steal $66 million in…

El Salvador’s Bukele Approval Reaches Record 91.9% Despite Limited Bitcoin Use
Key Takeaways: El Salvador President Nayib Bukele enjoys a record high approval rating of 91.9% from his populace,…