Key highlights
Banks are openly pushing back against crypto rules, in what Perianne Boring calls a “mask-off” phase. The CLARITY Act passed a key Senate committee vote (15–9), moving closer to a full Senate resolution. Banks are concerned that stablecoin rewards could pull money out of bank accounts and reduce lending to families and businesses.
Perianne Boring, founder and CEO of The Digital Chamber, says the conflict between traditional banks and the crypto industry has entered what she calls a “mask-off phase,” with banks becoming more vocal in their opposition to digital asset legislation.
Speaking to Maria during an interview on Fox Business’ Mornings, Boring said banks are no longer quietly trying to slow down crypto changes behind closed doors. Instead, she believes they are now speaking more directly against parts of the new law. “I’ve really called this stage of digital asset adoption the mask-off phase,” she said.
Banks are now speaking more openly against crypto
Boring addressed a common concern in the debate. Some banks worry that if crypto platforms offer stablecoin rewards or returns on deposits, people will move their money out of normal bank accounts. Boring said this fear is exaggerated.
She explained that in the real world, regulated crypto companies already offer returns services in the United States, and people aren’t leaving banks because of it. She said the talk of large sums of money flowing out of banks did not match what was actually happening in the market.
Boring also said innovation in digital assets is not something that can be stopped. She said that even if some groups resist it, crypto-technology will continue to grow and become part of the financial system. She compared it to something that was already going on and said it was too late to block it now.
“They’re really the last standout in terms of the group of organizations that have yet to adopt this technology, but it’s coming. You can’t hold back innovation. You can’t put the toothpaste back in the tube. The technology is out there,” she added.
Her main point was that the banking system will eventually have to adapt to this change.
CLARITY Act is moving forward in the Senate
The CLARITY Act moved forward last week when the US Senate Banking Committee approved it by a 15–9 vote. The bill now goes to the full Senate for more discussion.
This bill is intended to set clear rules for how digital assets are handled and how banks and crypto companies should operate under the same system. During the vote, it received support from all Republican members of the committee, along with Senators Ruben Gallego and Angela Alsobrooks.
Banking groups are still worried about deposits
Major banking groups such as the American Bankers Association and the Bank Policy Institute have said they support clear rules for crypto. However, they warned of one major issue: the stablecoin rewards.
The banking groups said the bill was a good step forward, but they wanted stricter rules to limit these rewards. They believe clearer limits will protect the banking system from losing deposits. Even with these concerns, they acknowledged that the current version of the bill is better than earlier drafts.
Senator Angela Alsobrooks supports moving the bill in committee, but said she still wants changes before she fully supports it in a final Senate vote. It shows that even within the government, the discussion is far from over, and lawmakers are still tweaking the details.
However, Boring said the broader direction is already clear. She believes digital assets are becoming part of normal finance and that resistance from banks is mostly about slow adaptation, not stopping the technology.
Also read: Japan creates legal path for foreign stablecoins under FSA rules
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