Anti-DeFi groups are running TV ads to pressure senators to pass crypto legislation that excludes DeFi.

According to Mars Finance, on January 10th, an anti-DeFi interest group ran an ad on Fox News in the US, urging the public to pressure state senators to pass legislation that excludes DeFi-related provisions for cryptocurrency market structures. A screenshot shared by crypto journalist Eleanor Terrett on the X platform on Friday shows that the group, "Investors For Transparency," wrote in the ad: "Tell your senators: Pass crypto legislation without DeFi provisions," and included a hotline for viewers to contact senators' offices directly. The ad also stated: "Don't let DeFi stifle innovation." This statement is seen as echoing a core concern of banking lobbying groups that the Clarity Act could allow stablecoin issuers to offer interest-bearing products, similar in form to bank deposits, thus impacting the traditional banking system. The US Treasury Department estimated in April that if stablecoins were widely adopted, up to $6.6 trillion in deposits could flow out of the traditional banking system. The aforementioned advertisements were launched just as the U.S. Senate Banking Committee announced it would begin reviewing amendments to the Clarity Act this Thursday (January 15th) at 10:00 AM (Eastern Time). The anti-DeFi movement has sparked discontent within the crypto industry. Uniswap Labs CEO Hayden Adams stated that the organization's opposition to DeFi while simultaneously withholding information about its members and funding sources is "both ironic and unsurprising."