In a battle that could redefine the future of global finance, traditional American banks are mounting an unprecedented offensive against stablecoins. At the heart of the conflict: the CLARITY Act, legislation that could either pave the way for a financial revolution or consolidate the banking monopoly for decades to come.
Goldman Sachs and the CLARITY Act: A Warning Signal
David Solomon, CEO of Goldman Sachs, recently stated that the CLARITY Act (Digital Asset Market Clarity Act) « still has a long way to go » before being adopted. This statement, made during a Q4 2025 earnings call, comes in an explosive context: Coinbase, the largest cryptocurrency exchange in the United States, has just withdrawn its support for this crucial legislation.
But behind this technical debate lies a far more troubling reality: a total war that banking institutions are waging to preserve their absolute control over the financial system.
Banking Lobby: 3,200 Bankers Against Innovation
The American banking industry has launched an unprecedented lobbying campaign. The American Bankers Association, accompanied by seven other banking and credit associations, sent a joint letter to the U.S. Senate demanding the closure of what they call a « loophole » in the regulation.
The numbers are telling:
- More than 3,200 bankers have signed a petition asking Congress to ban any form of compensation on stablecoins
- Up to $6.6 trillion in bank deposits could migrate to stablecoins, according to the U.S. Treasury Department
- Brian Moynihan, CEO of Bank of America, warns that 30 to 35% of U.S. commercial bank deposits could leave the banking system
Jeremy Barnum, CFO of JPMorgan Chase, went so far as to call interest-bearing stablecoins an « obviously dangerous and undesirable thing. »
Section 404: The Banks’ Legislative Weapon
The latest CLARITY Act draft, unveiled on January 13, 2026, contains a key provision — Section 404 — which prohibits « digital asset service providers » from paying « any form of interest or return » in connection with holding a payment stablecoin.
This wording directly responds to months of intense lobbying by community banks. Kadan Stadelmann, CTO of Komodo Platform, told Decrypt that « the language in the bill is advantageous for traditional banks. Stablecoins were initially considered an alternative to the conventional banking system, but this proposal limits passive yield functionality, diminishing their competitive advantage. »
The Real Issue: Fractional Reserves vs Full Reserves
The noble argument of banks — protecting community lending — hides a much less flattering reality. Banks depend on an economic model that consists of paying derisory interest rates to depositors while lending that money at much higher rates.
The fractional reserve banking system allows banks to keep only a fraction of deposits in reserve — since March 2020, the required reserve ratio in the United States has been 0%, meaning banks can lend out all of their clients’ deposits.
Stablecoins, on the other hand, operate on a 100% full reserve model, backed by liquid and safe assets like U.S. Treasury bonds. Brian Armstrong, CEO of Coinbase, highlighted this crucial difference: « There’s no fractional reserve with these stablecoins. They shouldn’t be subject to the same regulation as banks. »
Coinbase’s Revolt: « Materially Worse than the Status Quo »
On January 14, 2026, Brian Armstrong published a bombshell message on X announcing that Coinbase could no longer support the CLARITY Act « as written. » This decision shocked the industry and led the Senate Banking Committee to postpone the scheduled vote.
Armstrong didn’t mince words in directly accusing the banks: « The banks are really trying to come undermine the president’s crypto agenda. They’re trying to protect their own profit margins, taking money out of the pockets of ordinary hardworking Americans and putting it in the coffers of big banks that are making record profits. »
Ground Data: Disintermediation Is Already Underway
The market capitalization of stablecoins reached $306 billion at the end of 2025. Projections from the Boston Consulting Group suggest that the tokenized assets market could reach $16 trillion by 2030.
Alarming concrete examples for banks:
- A small community bank saw millions of dollars disappear overnight when a single multi-million dollar wire transfer went to Coinbase
- A bank among the top 20 in the United States tracked about $200 million per month going to Coinbase — or $2.4 billion per year
- Nearly 75% of American consumers would try stablecoins if they were offered by their bank
Operation Chokepoint 2.0: A Hidden Financial War
A report published in December 2025 by the House Financial Services Committee revealed how regulators under the Biden administration employed « vague rules, excessive discretion, informal guidance and aggressive enforcement actions » to discourage banks from serving clients in the digital asset sector.
Documents obtained by Coinbase via FOIA requests revealed at least 20 instances where the FDIC ordered regional banks to « pause » cryptocurrency-related operations.
The CBDC Danger: Total Financial Control
The urgency of preserving space for decentralized cryptocurrencies is reinforced by the threat posed by Central Bank Digital Currencies (CBDCs). CBDCs would grant governments absolute financial control over every transaction.
In Thailand, the government is distributing a CBDC prototype with spending limited to certain vendors, purchases restricted to certain goods, and funds that expire after six months. Donald Trump signed an executive order banning CBDCs in the United States, a decision that cryptocurrency advocates hail as crucial protection for financial freedom.
Conclusion: A Battle for the Future of Finance
The debate around the CLARITY Act is not simply a technical dispute. It’s a fundamental battle to determine who will control the financial system of the future: traditional banks with their fractional reserve model and ability to extract rents from depositors, or a more decentralized system where individuals have direct control over their money.
Ground data shows that banking disintermediation is already underway, with billions of dollars leaving traditional banks for crypto platforms every year. The outcome of this fight will determine not only the future of stablecoins and cryptocurrencies in the United States, but also the nature of the global financial system for decades to come.
As Brian Armstrong stated: « It’s better to have no law than to have a bad law. » The question now is whether the U.S. Congress will have the courage to resist banking lobbying and adopt legislation that promotes innovation, competition, and financial freedom.
