Schwartz Slams Hawley Over CLARITY Act Vote: Bank Profits, Not Rural Lenders, the Real Concern

Ripple's David Schwartz slammed Senator Josh Hawley for voting against the CLARITY Act, which aimed to establish a comprehensive federal regulatory framework for digital assets. The bill fell short of the 60 votes needed to advance on September 15, securing only 49.

Hawley claimed his opposition stemmed from concerns raised by Missouri's agricultural community, stating that farmers feared they 'won't be able to get loans from small-town banks' due to investors leaving those banks for higher yields under the bill. He also pointed to amendments proposed by Senator Jerry Moran as a potential path forward.

Schwartz, however, did not accept Hawley's explanation, saying it was about protecting bank profits. He argued that the Clarity Act would not meaningfully reduce banks' ability to make loans and that a thriving ecosystem of investors could provide those same loans, replacing any lost bank capacity.