Ironwallet CEO Ermo Eero has criticized the U.S. Senate Banking Committee's advancement of the CLARITY Act, warning that unilateral U.S. legislation cannot replace the need for international treaties to establish global crypto standards. Eero emphasized the importance of building institutional trust by addressing internal industry issues rather than solely relying on external oversight. The Senate Banking Committee's 15–9 vote on May 14 marks a significant shift towards regulatory clarity in the U.S., moving away from the enforcement-heavy approach of the previous administration. However, Eero argues that while the CLARITY Act may bolster domestic capital, it falls short of creating a comprehensive global framework. He also highlighted the need for the crypto industry to collaborate with banks and support risk-calibrated capital requirements to foster mutual benefits rather than competition. Eero further noted that the crypto sector must demonstrate its ability to self-regulate and protect consumers to gain institutional trust. He urged the industry to seek partnerships with banks and advocate for narrow-purpose bank charters to provide a regulated counterparty, thus integrating rather than excluding traditional financial institutions.