Stablecoin rules are law. The CLARITY Act is moving. But Oobit CEO Amram Adar says the real bottleneck for crypto payments is infrastructure, not legislation.
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The GENIUS Act, signed into law this year, created a federal stablecoin regime. The CLARITY Act, still working through the Senate, would set rules for classifying digital assets as securities or commodities. Both pieces of legislation aim to bring order to a market that has operated in a legal gray zone.
Oobit CEO Amram Adar, writing in a recent CCN opinion piece, shifted the focus from rules to pipes. The real question, he argued, is not whether a token is a security but who handles the transaction when a customer pays with crypto at a coffee shop. That last mile – the payment infrastructure connecting wallets to merchants – will determine whether crypto becomes a medium of exchange or stays a speculative asset, Adar wrote.
The GENIUS Act gives stablecoin issuers a clear charter. Banks and nonbanks can apply for a license, subject to reserve requirements and disclosure rules. The CLARITY Act would end the SEC-versus-CFTC turf war over tokens like Ether and Solana. Both laws reduce legal uncertainty for companies building payment products.
Adar’s argument cuts the other way. If the last mile stays with Visa and Mastercard, crypto payments will route through the same rails as fiat, with the same fees and settlement times. That removes the cost advantage of stablecoins for merchants. If crypto-native infrastructure wins – a dedicated payment network that settles onchain in seconds – then the law becomes a tailwind.
The risk event is a decision that has not been made. Payment processors, point-of-sale providers, and wallet companies are all placing bets. The winner will shape how fast stablecoins migrate from trading desks to real commerce.
What would reduce the risk: a major merchant acquirer announcing direct stablecoin settlement, or a crypto payment firm signing a deal with a top-10 retailer. What would increase it: the CLARITY Act stalling in committee, or a court challenge to the GENIUS Act’s preemption of state money-transmitter laws.
Adar did not name a favorite. He pointed to the gap between what the law permits and what the market builds. The next 12 months will show which side closes that gap first.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.