White House tells “greedy” banks to “move on” from CLARITY Act stablecoin yield fight
CryptoSlate
The White House criticized banks for opposing the CLARITY Act's stablecoin yield compromise, urging the sector to stop lobbying efforts.Summary
A White House official has publicly condemned banking sector opposition to a proposed stablecoin yield compromise within the CLARITY Act. Patrick Witt, of the Presidential Advisory Committee on Digital Assets, accused banks of "greed or ignorance" for lobbying against bipartisan efforts to allow activity-based rewards while banning passive yields. While banking groups argue that stablecoin yields threaten traditional deposit systems, the White House maintains that banning these yields would harm consumers and stifle innovation. With time running out for legislative action, the administration is pushing for a quick resolution to avoid further gridlock.
(Source：CryptoSlate)