Aave founder: The Clarity Act will grant banks the legal authority to use digital assets, marking a significant expansion of the cryptocurrency market space

Aave founder Stani Kulechov posted on X that the CLARITY Act will grant banks the legal authority to use digital assets and distributed ledgers without prior notice or approval, covering custody, staking, and lending, which represents a significant expansion of accessible market space for the crypto industry.

Previously, he also stated that the bill is not perfect, and many aspects depend on the subsequent formulation of actual authorization rules, but it is the first regulatory framework to touch on DeFi, creating certainty for institutions, fintech companies, and banks to use on-chain business. He noted that once the CLARITY Act is passed, it will bring favorable conditions and investment for on-chain business similar to what the GENIUS Act has done for stablecoins.