An anti–decentralized finance (DeFi) group is reportedly airing advertisements on Fox News that urge viewers to pressure their Senators to pass crypto market structure legislation that omits DeFi provisions viewed as a threat to the banking industry.
According to screenshots shared on X on Friday by Crypto in America host Eleanor Terrett, members of Investors For Transparency ran ads reading, “Tell Your Senator: Pass Crypto Legislation Without DeFi Provisions,” alongside a hotline number for contacting local Senators.
Another line from the advertisement — “Don’t Let DeFi Stall Innovation” — appears to reflect concerns raised by banking lobbyists that the CLARITY Act could allow stablecoin issuers to offer interest-bearing products resembling bank deposits, potentially diverting trillions of dollars from the traditional financial system.
The U.S. Treasury estimated in April that as much as $6.6 trillion in traditional bank deposits could leave the banking system if stablecoins achieve widespread adoption.
The developments come as the Senate Banking Committee has issued an official notice for its CLARITY Act markup, scheduled for Thursday, Jan. 15, at 10:00 a.m. Eastern Time.
Crypto industry pushes back against anti-DeFi efforts
Lobbying by the banking sector has drawn criticism from parts of the crypto industry. Uniswap Labs CEO Hayden Adams described the campaign by Investors For Transparency as both “ironic and unsurprising,” noting that the group is advocating against DeFi while failing to disclose its backers or sources of funding.
Concerns are growing that crypto market structure legislation may fail to pass this year, as several Democratic lawmakers are reportedly pressing for stronger conflict-of-interest safeguards to be included in the bill.
There are also worries that the 2026 U.S. midterm elections could sap momentum behind the CLARITY Act. TD Cowen’s Washington Research Group has suggested the legislation may not clear Congress until 2027, with full implementation potentially delayed until 2029.
Despite those concerns, Senate Banking Committee Chair Tim Scott has expressed confidence that the bill can advance far sooner and “deliver real results for the American people.”
