According to CoinMeta, as reported by Coindesk, the blockchain association CEO Summer Mersinger issued a statement to refute The Wall Street Journal's misinterpretation of the Clarity Act. Mersinger pointed out that the act prohibits stablecoins from holding rewards equivalent to bank deposit interest, but allows for reward mechanisms based on user activity. The act also requires SEC to establish rules for nominally decentralized protocols, includes digital commodity brokers in the reporting obligations of the Bank Secrecy Act, and allocates $3 billion to support state-level enforcement. Article 10505 of the act clarifies that securities settled on blockchain are still subject to SEC jurisdiction.