TechFlow News, March 28: According to a report by Crowdfund Insider, Antoine Scalia, CEO of crypto market infrastructure firm Cryptio, commented on the stablecoin yield provisions in the U.S. Senate’s CLARITY Act (Cryptocurrency Market Structure Act), calling the current ban a “self-interested action” driven by bank lobbying.
Scalia noted that both the GENIUS Act (Stablecoin Act) and the Senate version of the CLARITY Act significantly restrict stablecoin yield—primarily because traditional banks fear deposit outflows to high-yield stablecoins. He stated: “The CLARITY debate is shifting from a purely risk-focused perspective toward a more balanced consideration of market structure and the U.S. dollar’s global competitiveness. Overly restrictive stablecoin incentive mechanisms may push liquidity offshore without meaningfully reducing risk.” He emphasized that the digital dollar market will inevitably evolve through yield, rewards, and similar mechanisms—and that the policy priority should be ensuring transparency, auditability, and anchoring within the U.S. regulatory framework—not outright prohibition.
Scalia believes permitting stablecoin yield benefits U.S. consumers and reinforces the U.S. dollar’s status as the world’s primary reserve currency; bank lobbying based on “uncertainty” lacks empirical support.
