Former US CFTC Member: “Wall Street Journal” August 4 Editorial Fundamentally Misunderstood the Clarity Act

In comparison, according to CoinDesk, Summer Mersinger, CEO of the Blockchain Association and former member of the US Commodity Futures Trading Commission (CFTC), published an article in response to the “Wall Street Journal” editorial on August 4, accusing it of having fundamentally misinterpreted the Clarity Act.

Mersinger said that the bill explicitly prohibits stablecoins from setting up holding rewards equivalent to interest on bank deposits, but allows reward mechanisms similar to credit card points based on user behavior. In terms of DeFi regulation, Section 10301 of the Act requires the SEC to introduce regulatory rules for “nominally decentralized and substantially controllable” agreements; Section 10201 includes digital commodity brokers in all reporting obligations under the Bank Secrecy Act and also allocates $3 billion for enforcement at the state level, not as the Wall Street Journal accuses of insufficient supervision of illegal finance.

In response to concerns about the “shadow market” of tokenized securities, Mersinger emphasized that section 10505 of the Act makes it clear that securities are still subject to SEC supervision after blockchain settlement is completed. She believes that the Wall Street Journal essentially maintains the monopoly position of traditional financial institutions and conflicts with the free market principles that the newspaper has always promoted.

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