Anti-DeFi Group Runs Ads Aimed At Stripping DeFi From Crypto Bill

A series of ads reportedly aired on Fox News, calling on the public to contact their senators to remove DeFi provisions from the CLARITY Act bill.

An anti-decentralized finance group is reportedly running advertisements on Fox News encouraging the public to pressure their Senators into passing crypto market structure legislation that excludes DeFi provisions perceived to be threatening to the banking industry.

to two screenshots shared Friday on X by Crypto in America host Eleanor Terrett, the Investors For Transparency members wrote: “Tell Your Senator: Pass Crypto Legislation Without DeFi Provisions,” sharing a hotline number to contact their local Senators.

“Don’t Let DeFi Stall Innovation,” another snippet of the ad said, which appears to echo concerns from banking lobbyists over the CLARITY Act permitting stablecoin issuers to offer interest-bearing products that could be disguised as bank-like deposits and potentially draw trillions of dollars from the traditional banking system.

*Advertisement from the Investors For Transparency group.Source:*

The US Treasury estimated in April that $6.6 trillion worth of traditional banking deposits could if stablecoins see widespread adoption.

It comes as the Senate Banking Committee an official notice for its scheduled for this Thursday, Jan. 15, at 10:00am Eastern Time.

Crypto industry annoyed with anti-DeFi efforts

The banking lobby efforts have frustrated several members of the crypto community, including Uniswap Labs CEO Hayden Adams, who it was both “ironic and unsurprising” that the Investors For Transparency organization is campaigning against DeFi while not revealing who they are and who they’re funded by.

Fears crypto market structure legislation may not pass this year

Several Democratic lawmakers are also reportedly pushing for in the crypto market structure bill.

There have also been fears that the may of the CLARITY Act bill, with TD Cowen’s Washington Research Group reporting the bill may not pass Congress until 2027, with final implementation potentially pushed to 2029.

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Senate Banking Committee Chair Tim Scott, however, appears that it can be passed much sooner and “deliver real results for the American people.”

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