Morgan Creek Capital CEO Mark Yusko said the CLARITY Act is “a horrible bill” written by big banks to delay the transition to better money, warning that if it passes, the crypto bear market could extend longer than expected.

The CLARITY Problem

Yusko told the Paul Barron Network that the CLARITY Act and GENIUS Act were written to forestall the inevitable transition to a system where people can be their own bank. 

He pointed to Bank of America (NYSE:BAC) CEO Brian Moynihan saying the bank would “lose trillions of dollars of deposits” if people could earn yield elsewhere.

“They’ve said the quiet part out loud,” Yusko said. “If you don’t pay people for their capital and they…

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