White House meeting could unfreeze the crypto CLARITY Act this week, but crypto rewards likely to be the price
A White House meeting may advance the stalled CLARITY Act, contingent on resolving disputes over stablecoin rewards.Summary
A scheduled February 10th White House meeting on stablecoin policy is seen as a potential catalyst to move forward the CLARITY Act (H.R. 3633), a comprehensive crypto market-structure bill stalled in the Senate Banking Committee due to disagreements over whether stablecoin holders should receive interest-like returns.
The core dispute centers on classifying stablecoin payouts, such as Coinbase's advertised 3.50% USDC rewards, contrasting sharply with low bank deposit rates. Regulators fear these rewards could lead to significant bank deposit drawdowns, framing the issue as systemic policy rather than simple consumer marketing.
The CLARITY Act text currently includes explicit protections for self-custody and carve-outs for Decentralized Finance (DeFi) activities. The path forward depends on negotiators classifying stablecoin rewards; a likely compromise might allow rewards tied to activity or membership but constrain passive, balance-based payouts. The timing hinges on the Senate Banking Committee rescheduling its postponed January 15th markup session.
(Source：CryptoSlate)