Cryptio CEO comments on the stablecoin bill: The current ban is a "self-interested action" driven by bank lobbying

According to TechFlow news on March 28, as reported by Crowdfund Insider, Antoine Scalia, CEO of the cryptocurrency market infrastructure company Cryptio, commented on the yield provisions for stablecoins in the U.S. Senate’s CLARITY Act (Cryptocurrency Market Structure Act), stating that the current ban is a “self-serving action” driven by bank lobbying.

Scalia pointed out that both the GENIUS Act (Stablecoin Bill) and the Senate version of the CLARITY Act significantly limit stablecoin yields, mainly due to traditional banks’ concerns over deposit outflows to high-yield stablecoins. He stated, “The CLARITY debate is shifting from a purely risk-oriented approach to a more balanced consideration of market structure and the dollar’s competitiveness. Overly restricting stablecoin incentive mechanisms may push liquidity overseas without reducing risk.” He emphasized that the digital dollar market will inevitably evolve through yields, rewards, and other means, and the key for policymakers is to ensure transparency, auditability, and anchoring within the U.S. regulatory framework, rather than simply imposing a ban.

Scalia believes that allowing stablecoin yields is beneficial for U.S. consumers and the dollar’s status as a global reserve currency, and the banks’ lobbying citing “uncertainty” lacks empirical support.