Asked about the awaited legal rules in the cryptocurrency industry, former JP Morgan and Citi executive Austin Campbell made comments which could change the industry’s view on the market structure law known as the “Clarity Act” (the term for “The Clarihood Act”). Paraphrast.
Campbell argued that the quality of the law’s content and the methods of institutions involved were far more important than whether the laws passed at all.
In particular, Campbell criticized the demands of large banks to block stablecoin yields. But, he said ‘This was one of the biggest mistakes banks were making to block these yields because they saw stablecoins as a threat.
Rather than fighting stablecoin yields, large banks are actually increasing their own funding costs and harming the global competitiveness of the US dollar. Almost all instruments, including bank deposits and treasury bonds are used as stable cockerel reserves. Banks, who may be the largest beneficiaries of this system, are lobbying against their own interests because leaders who don’t understand what is going on with it. , ” and.
The bill was likely to fail because of political fighting in the Senate and disagreements among major institutions, Campbell said. But he added that this was not the end of the world.
A Clarity Act has been a little less important now that the “Genius Act” (or similar stablecoin regulations) have passed, the analyst said. banks are now beginning to enter this field with a legal framework for s.
The optimistic future-focused Campbell says that by 2035, “a lot of data — from property records to driver’s licenses — will be transferred to the blockchain.”
*This is not investment advice.
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