With the Clarity Act, the issue seems to be that companies like Coinbase want to compete directly with banks for deposits. Banks have all sorts of regulation to help keep deposits safe and low risk. Historically, banks going under and putting deposits at risk has been the issue. If crypto companies want to be able to hold deposits and offer money market type yields, there needs to be the same sort of rules which govern banks or securities. The Clarity Act is designed to put those rules in place.(Wall Street Mav)