AAVE founder says Clarity Act gives banks legal authority for digital asset services

AAVE founder Stani Kulechov said on X that the U.S. crypto market structure bill known as the Clarity Act includes legal authority allowing banks to use cryptocurrencies or distributed ledger technology, or DLT, without prior notice or approval. Kulechov said that authority covers business areas including custody, staking and lending, and described the bill as establishing a legal basis for U.S. banks to offer crypto-related services in a compliant manner, potentially broadening traditional financial institutions’ participation in the crypto business market.