Scaramucci says stablecoin yield prohibition undermines US dollar

The expanded prohibition on stablecoin yield in the CLARITY Act makes the US dollar less competitive than the Digital Yuan, Scaramucci said.

The prohibition on yield-bearing stablecoins in the CLARITY Act puts the US dollar at a competitive disadvantage to China’s Digital Yuan, a yield-bearing central bank digital currency, according to Anthony Scaramucci, founder of asset manager SkyBridge Capital.

“The whole system is broken,” Scaramucci said in response to the prohibition on crypto exchanges and service providers offering customers yield on stablecoins in the CLARITY Act, a crypto market structure framework for the US. He asked:

The People’s Bank of China, the country’s central bank, began allowing commercial banks to pay interest on digital yuan deposits in January. 

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