Crypto Markets Are Massively Underpricing the CLARITY Act — Hashdex Warns as Stablecoin Battle Heats Up

Asset manager Hashdex is warning that crypto markets are failing to price in the probability of the CLARITY Act passing — a significant regulatory framework that would reshape how digital assets and stablecoins are governed in the US. The caution comes as the legislation faces over 100 amendments in committee.

The fight over stablecoin yield provisions has turned into a full-scale lobbying war. The banking industry has mobilized more than 8,000 demand letters aimed at stripping yield-bearing features from stablecoins under the Act — a provision that would directly threaten bank deposit franchises if left intact. Crypto advocates responded by driving 300,000 emails to lawmakers in a counter-campaign.

The scale of the banking industry's opposition signals how seriously traditional finance views stablecoin yield as an existential competitive threat. If Hashdex's read is correct and…