Faryar Shirzad, chief policy officer at Coinbase, struck an optimistic tone Monday regarding the long-awaited transparency law, asserting that there is bipartisan support for the bill in its current form.
Shirzad said on FOX Business Monday that it’s time for Democrats and Republicans to come together on the transparency law, adding that a vote could take place as early as next week.
“This bill is a very bipartisan effort,” he said. “It’s ready for final action. We’re very excited to get it done.”
Lawmakers have been considering the Clarity Act since last year, which would cement crypto regulation.
Last week, a new draft law began circulating that would ban officials and their family members from issuing or promoting cryptocurrencies. Opposition members have long viewed this as a problem.
But some Democratic lawmakers remain unhappy with the bill in its current form. Democratic groups said in a statement last week that the current bill does not go far enough.
The bill stalled this year, in part after bank leaders expressed concerns about stablecoin yields and ethical concerns.
Bank lobbyists said banks could lose their deposit base if crypto exchanges pay attractive yields to customers.
But Mr. Shirzad dismissed those concerns, insisting that banks were already implementing encryption technology.
“The irony of the situation we find ourselves in in the banking lobby in Washington is that all the banks are actually moving rapidly to introduce cryptocurrencies and stablecoins into their systems,” he continued.
“I think the adoption by banks speaks to the fact that while lobbyists in Washington are resisting change, the long-term plan of top banks is to adopt this technology, and it will result in a win-win outcome.”
Major US banks such as JPMorgan and Bank of America have expressed interest in, or have already begun debuting, stablecoin products powered by blockchain technology.
