Anti-DeFi Organization Runs TV Ad, Pressures Senator to Pass "DeFi Ban" Crypto Legislation

On January 10, an anti-DeFi advocacy group ran ads on U.S. Fox News urging the public to pressure their state senators to push for cryptocurrency market structure legislation that excludes DeFi-related provisions. Crypto journalist Eleanor Terrett shared screenshots on X (formerly Twitter) Friday showing the group “Investors For Transparency” running the ad with the message: “Tell your senator: Pass crypto legislation without DeFi clauses” — plus a hotline for viewers to contact their senator’s office directly. The ad also claimed, “Don’t let DeFi hinder innovation.” The statements align with core concerns of banking industry lobbying groups: The proposed “CLARITY Act” could let stablecoin issuers offer interest-bearing products similar to bank deposits, potentially disrupting the traditional banking system. The U.S. Treasury estimated in April that widespread stablecoin adoption could drain up to $6.6 trillion in deposits from traditional banks. At the time the ad aired, the U.S. Senate Banking Committee had announced it would mark up the CLARITY Act on Thursday, January 15, at 10 a.m. ET. The anti-DeFi push has drawn pushback from the crypto industry. Uniswap Labs CEO Hayden Adams noted the group is opposing DeFi while failing to disclose its members or funding sources — calling the practice “both ironic and unsurprising.”