US SENATE VOTING ON CLARITY ACT HAS BEEN CANCELLED 🚨

And most people don't know the exact reason behind this.

Today, the Coinbase CEO said that they won't support the Crypto Market Structure Bill.

And here are some reasons:

1) No yield on stablecoins

The Clarity Act will prohibit any yield given to stablecoin holders.

This is beneficial for banks, as it'll kill their competition.

Even the JP Morgan CFO said that if stablecoin yields were to happen, a massive outflow from banks would happen.

3) DeFi prohibitions

The Clarity Act requires AML/KYC, which prohibits anonymous and permissionless DeFi.

It also requires user identification and transaction monitoring, which kills the purpose of DeFi.

If you pay attention to all these things, you'll find something common.

Most of the things in the Clarity Act have been written in favour of the banking industry and not crypto.

Banks don't want to lose their monopoly, so they are trying to kill the crypto innovation.

Big banks know that their days are numbered, and now they are at the "then they fight you" stage.