BANKS ARE FIGHTING THE CLARITY ACT OVER STABLECOINS
Banking groups are crying that stablecoin rewards will drain deposits.
White House digital assets adviser Patrick Witt says that's a myth. Crypto platforms have been offering rewards for years and U.S. bank deposits keep climbing.
What the Senate bill actually does:
→ Caps rewards that mimic bank interest
→ Gives Treasury a kill switch if community banks get wrecked
Witt's shot across the bow: If CLARITY dies, banks lose these protections too.
Senate vote drops Tuesday 2:15 PM ET. Needs 60 votes to pass.
This is make or break for U.S. stablecoin regulation.
Banking groups are crying that stablecoin rewards will drain deposits.
White House digital assets adviser Patrick Witt says that's a myth. Crypto platforms have been offering rewards for years and U.S. bank deposits keep climbing.
What the Senate bill actually does:
→ Caps rewards that mimic bank interest
→ Gives Treasury a kill switch if community banks get wrecked
Witt's shot across the bow: If CLARITY dies, banks lose these protections too.
Senate vote drops Tuesday 2:15 PM ET. Needs 60 votes to pass.
This is make or break for U.S. stablecoin regulation.