In this week's edition of Crypto Long & Short, Alex Tapscott examines the stalled CLARITY Act and its repercussions for American consumers. Aisha Hunt also discusses how crypto may evolve by improving Wall Street's established products instead of replacing them.
By Alex Tapscott, Aisha Hunt|Edited by Alexandra Levis Jun 3, 2026, 4:13 p.m. 8 min readMake preferred on (Greg Pappas/ Unsplash)Key Insights:
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Welcome to our institutional newsletter, Crypto Long & Short. This week:
- Alex Tapscott discusses the stalled CLARITY Act and its impact on American consumers.
- Aisha Hunt argues that crypto will grow by enhancing Wall Street's established products instead of replacing them.
- Crucial news updates for institutions by Helene Braun
- “RWA Perp Volume by Category: Equities Overtake Commodities” in Chart of the Week
Expert Insights
The Impact on American Consumers
By Alex Tapscott, CEO, CMCC Global Capital Markets
The interests of the average consumer are becoming obscured amidst the political negotiations surrounding the CLARITY Act.
Recently, the U.S. Senate Banking Committee advanced the Digital Asset Market CLARITY Act, a legislative proposal that could provide clear regulations for digital assets in the country. The bill has navigated months of bipartisan discussions involving both traditional banking entities and emerging fintech firms.
A bipartisan agreement forged by Senators Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) resolved a deadlock that had previously hindered the bill’s advancement. Ultimately, the agreement favored the banks, as it specifically prohibits fintech companies from treating stablecoins—digital assets tied to the dollar—as interest-bearing accounts, while still allowing them to offer incentives and bonuses similar to those provided by banks and credit card companies.
This compromise should have concluded the discussions. However, banking lobbyists are pushing for stricter regulations to eliminate many consumer rewards entirely. They appear intent on undermining this already compromised bill before it reaches a full Senate vote, thus preventing it from being signed into law.
Amidst the political maneuvering between crypto and banking interests, the average consumer's voice is being overlooked.
As reported by the Consumer Financial Protection Bureau (CFPB), Americans incurred approximately $5.8 billion in overdraft fees in 2023, despite years of attempts by the industry to mitigate these so-called “junk fees.” Overdraft fees disproportionately affect financially vulnerable families, with nearly 80% of these fees charged to just 9% of accounts. Additionally, issues such as minimum balance requirements, wire transfer fees, and payment delays create further obstacles. Currently, the average savings rate sits at a mere 0.38%.
Consumers are seeking financial services that are quicker, less expensive, and yield higher returns.
Stablecoins are gaining traction as they represent a future where digital dollars can be transferred over the internet as affordably and effortlessly as a WhatsApp message. They have the potential to lower remittance fees, enhance access to digital commerce, facilitate real-time payments, and introduce new methods for consumers to save, spend, and transact online.
Moreover, Americans are calling for CLARITY because many are already utilizing these financial tools. The Crypto Council for Innovation indicates that one in five American adults now holds cryptocurrency, equating to about 68.5 million individuals. Stablecoins are rapidly becoming one of the most popular forms of digital assets, especially among younger consumers, immigrants, freelancers, and underserved populations seeking faster and more affordable financial solutions. Four out of five merchants believe that accepting cryptocurrencies could help them attract new customers, while 73% of small businesses anticipate an increase in crypto payments.