Anthony Pompliano says Bitcoin (CRYPTO: BTC) does not need the CLARITY Act to reach new all-time highs, arguing the real fight is over who gets to profit from stablecoins, not whether crypto needs regulatory clarity.
Why Pompliano Says Bitcoin Is Already Fine?
Pompliano made the case on his podcast on Tuesday that Bitcoin already has more regulatory clarity than any other crypto asset: it is not a security, it is held by hundreds of millions of people globally, and no legislation changes that reality.
“Bitcoin doesn’t need the CLARITY Act,” Pompliano said. “If the CLARITY Act never passes, we’ll go back to all-time highs.”
He acknowledged a passage would speed up the timeline by generating enthusiasm among Wall Street and politicians, but said Bitcoin’s fundamentals stand on their own regardless.
What The Clarity Act Fight Is Actually About?
Pompliano said both sides of the stablecoin yield debate are making legitimate arguments. Banks say crypto firms should face the same rules if they want to offer bank-like products.
Crypto firms say banks spent years blocking them from the system and are now protecting their deposit business.
“The consumer is suffering because you guys are playing this insider game,” Pompliano said.
If the bill fails, he argued companies like Coinbase (NASDAQ:COIN) will simply build offshore, and US consumers will still access the products through international or unregulated channels.
Wall Street Is Lining Up Behind The Bill Anyway
Despite Pompliano’s skepticism, major Wall Street names are publicly endorsing the CLARITY Act, according to CoinDesk.
BlackRock (NYSE:BLK), Fidelity, Franklin Templeton, Goldman Sachs (NYSE:GS), and SoFi (NASDAQ:SOFI) all urged Congress to pass the bill in recent days.
BlackRock’s Samara Cohen called it “an important step toward establishing a regulatory framework for digital assets that puts investors first.”
Goldman Sachs CEO David Solomon said the bill “is not perfect” but would create “a level playing field to enhance market stability.”
However, JPMorgan (NYSE:JPM) remains the notable holdout, pushing for tighter stablecoin yield restrictions that crypto firms argue would weaken the legislation.
The Senate is not expected to take up the bill immediately, with Majority Leader John Thune (R-SD) prioritizing nominations and a Russia sanctions package ahead of the August 8 recess deadline.
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