Changpeng Zhao (CZ) , founder of Binance, says the silver lining of the CLARITY Act's failure in the U.S. Senate is that stablecoins can keep offering yield to users, adding that "technology advance continues" regardless of legislative setbacks.
His comments came after the bill failed to secure the 60 votes needed to advance in a procedural vote on Tuesday, September 15, due to disagreements over ethics provisions. CZ suggests that without the bill, stablecoins can remain attractive to investors through yield offerings, free from regulatory restrictions that the legislation might have imposed.
The remarks come amid ongoing debates over stablecoin regulation in the U.S., with concerns that some proposals could limit their ability to offer interest, reducing their competitiveness against traditional financial products.