Viewpoint: Amending key provisions of the Clarity Act will lead to the failure of the legislation, and the bill should be passed as soon as possible.

Blockchain Association CEO Summer Mersinger stated in a post that with less than four weeks remaining until the U.S. Senate’s September 15 vote on advancing debate over the Clarity Act, reopening terms negotiated for months would not improve the bill. Instead, it would restart an unfinishable negotiation process, ultimately leading to legislative failure. Mersinger noted that two amendments proposed by the American Bankers Association (ABA)—replacing the existing standard with "materially similar to interest" and deleting the word "solely"—are not mere textual adjustments, but major policy changes. She pointed out that "materially similar to interest" is a flexible legal standard that could allow regulators to expand their interpretive scope, while removing "solely" would alter the application scope of stablecoin yield limits in the GENIUS Act, undermining the policy boundaries previously set by Congress. Mersinger argued that the ABA’s concern that stablecoins could cause U.S. bank deposit outflows lacks a factual basis. Data shows that since the passage of the GENIUS Act, U.S. bank deposits have grown for three consecutive quarters, adding more than $800 billion in total. She emphasized that what is truly needed to protect consumers is a digital asset regulatory framework. The Clarity Act would clarify the regulatory boundaries between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), require platforms serving U.S. users to register, and implement rules for customer asset segregation, disclosure, and conflict of interest management. Mersinger concluded by urging the U.S. Senate not to reopen negotiations, saying: "The bill is done, the work is finished. The Senate has an opportunity to move it forward on September 15 and should pass it directly."