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Anti-DeFi group airs TV ads, pressuring senators to pass crypto legislation that "excludes DeFi"BlockBeats News, January 10, an anti-DeFi interest group is running advertisements on Fox News in the United States, calling on the public to pressure their state senators to push for cryptocurrency market structure legislation that does not include DeFi-related provisions. Crypto journalist Eleanor Terrett shared a screenshot on the X platform on Friday, showing that the organization "Investors For Transparency" stated in the ad: "Tell your senator: Pass crypto legislation without DeFi provisions," and included a hotline number for viewers to directly contact the senator's office. The ad also said: "Don't let DeFi stand in the way of innovation." These statements are considered to echo the core concerns of banking industry lobbying groups, namely that the "CLARITY Act" may allow stablecoin issuers to offer interest-bearing products, which are similar in form to bank deposits and could therefore impact the traditional banking system. In April this year, the U.S. Treasury estimated that if stablecoins are widely adopted, up to $6.6 trillion in deposits could flow out of the traditional banking system. At the time these ads were being run, the U.S. Senate Banking Committee had already issued a notice that it would hold a revision hearing on the "CLARITY Act" at 10:00 a.m. (UTC+8) (Eastern Time) this Thursday, January 15. The anti-DeFi campaign has sparked dissatisfaction within the crypto industry. Uniswap Labs CEO Hayden Adams stated that the organization opposes DeFi while not disclosing its members and funding sources, calling this practice "both ironic and unsurprising."