A cryptocurrency industry executive has countered a community banking association president’s opposition to compromise on the U.S. CLARITY Act, arguing that cooperation is essential. Austin Campbell of Zero Knowledge Consulting stated that if community banks and crypto cannot collaborate, the winners will be large financial institutions, not consumers or either industry. He claimed stablecoins could address technological and regulatory challenges for community banks, positioning them as allies rather than enemies.
A cryptocurrency executive has disputed claims that compromise on the U.S. CLARITY Act would harm community banking. Austin Campbell, founder of Zero Knowledge Consulting, argued in a social media post that failure to cooperate would benefit only large banks.
“If community banks and crypto can’t find a way to work together, we already know who the winners are. It’s not the community banks. It’s not consumers. It’s not the crypto industry,” Campbell said. “It is the big banks,” he added, stating stablecoins could solve community banks’ technological and regulatory issues.
Campbell described stablecoin-yield providers and community banks as allies, not enemies. He accused major bank lobbies of manipulating the debate. “The big banks and the bank lobbies they fund have tricked both sides into fighting each other so that the ultimate winner is Jamie Dimon’s bonus,” he stated.
His comments responded to Christopher Williston, president of the Independent Bankers Association of Texas. Williston said concessions in the CLARITY Act debate risk harming local lending and economic vitality.
Banking lobby groups contend stablecoins could drain deposits from the banking system under the current bill. Standard Chartered estimated increased stablecoin adoption could reduce U.S. bank deposits by one-third of the stablecoin market’s value.
Eric Trump also criticized large banks this week, alleging they block Americans from higher savings yields. Donald Trump urged swift passage of the crypto market-structure bill, criticizing banks for stalling it. “The U.S. needs to get Market Structure done, ASAP,” Trump said. “The Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda,” he added.
