Crypto Council CEO Defends Senate Clarity Act Regulations

Ji Hun Kim, CEO of the Crypto Council for Innovation, defended the Senate's Clarity Act against criticisms regarding its regulatory effectiveness. He argued that the legislation establishes clear jurisdictional lines while enhancing consumer protections and safeguards against illicit finance.

Addressing concerns that stablecoin rewards could threaten bank deposits, Kim cited data from the Federal Deposit Insurance Corp. and the White House Council of Economic Advisers. The data showed rising deposits and strong loan growth in early 2026, suggesting that stablecoin rewards do not significantly undermine bank lending.

Kim further asserted that the Clarity Act expands anti-money-laundering rules. He specifically noted that controllers of protocols operating as securities intermediaries will remain subject to the Bank Secrecy Act and the Exchange Act.