CLARITY Act Progress Sparks Concerns Over Crypto Bear Market Prolongation

The CLARITY Act is a key piece of legislation aimed at regulating the crypto industry in the US. However, not all stakeholders are on board with it. Morgan Creek Capital CEO Mark Yusko has expressed his concerns about the bill, calling it 'horrible' and warning that it could prolong the current bear market.

In an interview with Paul Barron, Yusko stated that large banks are behind the push for the CLARITY Act. He pointed to comments from Bank of America CEO Brian Moynihan, who reportedly said that if customers were able to earn stablecoin yields, the bank would 'lose trillions of dollars of deposits'.

This, according to Yusko, is exactly the kind of incentive that would push large financial institutions to resist competition. He believes that people will move their capital to alternative places where they can earn a yield.