The Clarity Act got absolutely nuked, not by boring regulations, but because banks are terrified of a $6.6 trillion customer cash grab. See, banks are making a fortune by paying you practically nothing on your savings while pocketing huge profits from investing your money.
Stablecoins were poised to blow up this cozy setup by actually paying you interest. So, the banking bigwigs slapped a "kill switch" provision on the Clarity Act to ban stablecoin interest, making Coinbase bail and sinking the whole darn bill. Now China's digital yuan offers yield while "free market" America protects its legacy banks—ironic, much?
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