Editor’s note: Updated to correct attribution and identify the cited source as a Treasury Department study.
Morgan Creek Capital CEO Mark Yusko said the CLARITY Act is “a horrible bill” written by big banks to delay the transition to better money, warning that if it passes, the crypto bear market could extend longer than expected.
The CLARITY Problem
Yusko told the Paul Barron Network that the CLARITY Act and GENIUS Act were written to forestall the inevitable transition to a system where people can be their own bank.
He pointed to Bank of America (NYSE:BAC) CEO Brian Moynihan, who – on the company’s January earnings call – cited a recent Treasury Department study, which warned that upwards of $6 trillion in deposits could flow out of the banking system into the stablecoin environment.
“They’ve said the quiet part out loud,” Yusko said. “If you don’t pay people for their capital and they can get paid somewhere …