White House reveals US banks ‘refused’ to attend meetings to resolve stablecoin rewards issue in CLARITY Act
CryptoSlate
A senior White House official claims banking executives ignored earlier invitations to resolve disputes regarding stablecoin reward policies before the CLARITY Act markup.Summary
A top White House official, Patrick Witt, has criticized major banking CEOs for declining to attend meetings earlier this year aimed at resolving conflicts over stablecoin rewards. As the Senate Banking Committee prepares to markup the CLARITY Act, the American Bankers Association is lobbying for tighter restrictions, fearing that crypto-based rewards will drain bank deposits and increase borrowing costs. Conversely, the White House and analysts from Galaxy Research argue that the impact on domestic lending is overstated, suggesting that stablecoin growth may actually import foreign capital and support federal borrowing, framing the banking industry's opposition as a strategy to stifle competition.
(Source：CryptoSlate)