Coinbase’s Chief Policy Officer, Faryar Shirzad, spoke clearly about the long-awaited Clarity Act on Monday, saying that there is bipartisan support for the bill in its current form.
Speaking on Fox Business Monday, Shirzad said it was time for Democrats and Republicans to agree on the Clarity Act — adding that a vote could come next week.
“This bill is a very collaborative effort,” he said. “It’s ready for the final step. We’re glad it’s going to happen.”
Lawmakers have been pondering the Clarity Act since last year, which would regulate cryptocurrencies.
A new document went into circulation last week that prohibits senior citizens and their families from giving or promoting crypto – a move that has been met with opposition by lawmakers.
But some Democrats are still unhappy with the bill as it stands. The Democrats last week he said in the words that the bill in its current state is declining.
This bill has been unsuccessful this year, because bank officials have complained about stablecoin yields and morals.
Bankers have said that if crypto exchanges offer good returns to customers, banks may lose their stake.
But Shirzad dismissed those concerns, saying that banks are already using crypto technology.
“The irony of what we’re experiencing with the banking lobby in Washington is that all banks are moving quickly to adopt crypto and stablecoins into their systems,” he continued.
“I think the banking establishment will tell you that just as lobbyists in Washington refuse to change, the long-term plan for the top banks is to adopt technology, and it’s going to be successful.”
Top US banks – including JP Morgan and Bank of America – have shown interest or have already started issuing stablecoin transactions, which run on blockchain technology.
