Blockchain Association Refutes Wall Street Journal: Clarity Act Is Pro-Innovation Legislation Promoting Competition, Not A Regulatory Loophole

TechFlow news, August 6, according to CoinDesk, Blockchain Association CEO and former U.S. Commodity Futures Trading Commission (CFTC) Commissioner Summer Mersinger wrote an article responding to The Wall Street Journal's August 4 editorial, criticizing its fundamental misreading of the Clarity Act.

Mersinger pointed out that the bill explicitly prohibits portions of stablecoin holding rewards equivalent to interest on bank deposits, but allows reward mechanisms based on user activity, consistent with credit card points models; regarding DeFi regulation, Section 10301 of the bill requires the SEC to formulate rules for protocols that are "nominally decentralized but effectively controllable," not an exemption, while Section 10201 has already included digital commodity brokers under the full reporting obligations of the Bank Secrecy Act, and allocated $3 billion to support state-level enforcement, contrary to The Wall Street Journal's claim of "ineffective regulation of illegal finance."

Addressing concerns about the "shadow market" of tokenized securities, Mersinger emphasized that Section 10505 of the bill clearly stipulates that securities settled on the blockchain remain under SEC jurisdiction. She pointed out that The Wall Street Journal's real stance is to endorse the monopoly status of traditional financial institutions, which contradicts its consistently advocated free market principles.