Ironwallet CEO: CLARITY Act helps U.S.; global treaty needed

The Senate Banking Committee voted 15–9 on May 14 to advance the CLARITY Act, a bill that focuses on stablecoins. Ermo Eero, chief executive of Ironwallet, said the measure advances U.S. domestic crypto policy but cannot substitute for international agreements.

The vote follows a shift in Washington away from an enforcement-first approach. During the Biden administration, the Securities and Exchange Commission and other regulators brought high-profile lawsuits against crypto firms. Since the start of the second Trump administration, several enforcement actions were dropped and lawmakers passed the GENIUS Act in 2025 as the first major federal crypto law.

The CLARITY Act stalled late in 2025 amid opposition from parts of the banking sector and some Senate Democrats. On May 14 it cleared the Senate Banking Committee, with three Democrats joining Republicans to advance the bill. Other Democrats, including Sen. Elizabeth Warren, have raised concerns that the legislation could weaken consumer protections and increase risks of illicit finance.

Eero described the committee vote as a move from regulation by enforcement to clearer statutory rules for digital assets. He added that U.S. law will help domestic capital but cannot create a global regulatory framework on its own. “Not yet the Bretton Woods moment for crypto,” he said, calling for international cooperation to produce common standards.

Eero urged crypto firms to pursue partnerships with banks instead of trying to bypass them. He recommended offering white-label custody and settlement services to banks, supporting capital rules that separate volatile trading from overcollateralized lending, and seeking narrow-purpose bank charters that make banks regulated counterparties rather than unregulated competitors.

Banking industry opposition was a factor in the bill’s earlier stall. Supporters, including U.S. Commerce officials, argue the bill would provide clarity for stablecoins and help the U.S. remain a leading market for digital assets. Opponents warn that without mutual international recognition, U.S. rules could clash with other jurisdictions and leave gaps for cross-border activity.

The committee advancement does not make the CLARITY Act law. The bill must still clear the full Senate and could face changes in conference with the House. Industry leaders say they will continue to push for stronger internal governance and international cooperation as lawmakers consider the next steps.