Coinbase’s Chief Policy Officer, Faryar Shirzad, struck an optimistic tone regarding the long-awaited Clarity Act on Monday, claiming there was bipartisan support for the bill in its current form.
Speaking to Fox Business Monday, Shirzad said it was time for Democrats and Republicans to unite on the Clarity Act — and added that a vote could come as soon as next week.
“This bill is an extraordinarily bipartisan piece of work,” he said. “It’s ready for final action. We’re very excited it’s going to get done.”
Lawmakers have been mulling over the Clarity Act since last year, which would set in stone crypto regulation.
A new draft started circulating last week which bans officials and their families from issuing or promoting crypto — something opposition lawmakers previously had issue with.
But some Democrats are still unhappy with the bill in its current form. A group of Democrats last week said in a statement that the bill in its current form falls short.
The bill has been in a deadlock this year, partially because banking chiefs raised concerns over stablecoin yield and ethics concerns.
Banking lobbyists have said that if crypto exchanges pay attractive yields to customers, banks could lose their deposit base.
But Shirzad shrugged off the concerns, claiming that banks are adopting crypto technology already.
“The irony of the situation we’re facing with the banking lobby in Washington is that all the banks are actually moving quickly to adopt crypto and stablecoin in their own systems,” he continued.
“I think the adoption by the banks tells you that as much as the lobbyists in Washington are resisting change, the long-term plan for the banks at the top is to adopt the technology, and it’ll be a win-win outcome.”
Top U.S. banks — including JP Morgan and Bank of America — have expressed interest or already started debuting stablecoin products, which run on blockchain technology.