Stablecoins, Blockchains, and the CLARITY Act: Digital Assets Thoughts of the Week

September 13, 2026 @ 9:04 pm By Tony Zerucha

Stablecoins, in one way or another, dominate this edition of Web3 thoughts of the week. Lawyers speak out on the CLARITY Act, too.

…

The CLARITY Act

“The current version of the CLARITY Act fails to include the basic consumer protections needed to protect American retirees adequately. If Congress does not get Digital Asset Market Structure legislation right, American consumers will continue to be victimized out of billions of dollars of their savings every year from fraud and direct theft by sophisticated international criminal organizations.

“Failing to include real consumer protections — such as requirements for specific antifraud policies, supervision, and compliance staff and procedures as well as preserving private rights of action for victimized consumers — is a recipe for disaster that will ultimately undermine any legitimacy of the Crypto markets and set the protection of American consumers back by a decade or more.

“Congress cannot wait for a cataclysmic market crash to include consumer protections in Crypto market structure legislation. Banks, brokerage firms, and Registered Investment Advisers have been subject to these types of consumer protections for nearly 100 years, and there can be no excuse to justify exempting Crypto market participants from the same types of basic protections.”

– Michael Bixby, president of Public Investors Advocate Bar Association and managing attorney for Bixby Law PLLC

“Preserving states’ rights to enforce anti-fraud, licensing, and regulatory requirements goes hand-in-hand with a robust investor-protection-focused approach to crypto markets. The states have maintained a critical role in investor and consumer protection since long before the federal securities laws even existed. Basic concepts of federalism dictate that states must retain their own enforcement and regulatory sovereignty over the digital asset market.”

– Joe Wojciechowski, president-elect of PIABA and managing partner for Stoltmann Law Offices, P.C. PLLC

Hear what our members say about PIABA.

See how PIABA has helped protect others in investment disputes within the securities industry.

“The resources and networking opportunities provided by PIABA have been instrumental in my career development. When I was new to the practice, I was surrounded by mentors and friends who were always willing to help. Over the 12+ years I have been a member, PIABA has consistently been my most valuable support. As an experienced lawyer, PIABA offers leadership roles and opportunities to give back by mentoring the next generation of attorneys in this area. You won’t regret getting involved.”

Meyer Wilson Werning

Courtney M. Werning, Esq. | Principal

“I have been a PIABA member since the year of its founding in 1991. For 33 years PIABA has been an unparalleled source of information and ideas, and remains an integral part of my law practice. More important, I count many of its members as my friends. PIABA has greatly enriched my life, both professionally and socially.”

Leonard Steiner

STEINER & LIBO

“Piaba has been instrumental to the growth of my career. I have made lifelong friends and have attended every annual meeting for the last 15 years. The list-serve, the dedication of its members and its national reach is the gold standard for any bar association.”

Gana Weinstein

Adam J. Gana | Managing Partner

“PIABA is the greatest bar association I have had the privilege of being a part of. PIABA and its membership have been instrumental in my growth and development as a securities litigation attorney in representing and fighting for investors. As a member of PIABA you will find many attorneys across the country who are willing to help you from sharing practice tips to arguments. There is no organization doing more good for the investing public than PIABA.”

Michael C. Bixby

Bixby Law PLLC | Founder & Managing Attorney