White House pushes for emergency meeting of banking and cryptocurrency industries amid CLARITY bill stalemate
The U.S. White House is holding a meeting with banking and cryptocurrency industry officials to discuss the long-pending ‘CLARITY Act‘. Tensions between industries are increasing as differences in positions grow over the issue of providing stablecoin compensation, a key issue in the bill.
According to a Reuters report, President Trump’s administration plans to hold an informal meeting on the 29th local time, centered around the White House’s Cryptocurrency Advisory Committee and attended by officials from cryptocurrency exchanges, traditional financial institutions, and related trade organizations. This meeting will focus on the bill’s provisions on interest and other compensation methods to be paid to dollar-pegged stablecoin holders.
Currently, the CLARITY Act has not made progress in Congress for several months, with the U.S. Senate Banking Committee’s vote being postponed twice. At the heart of the debate is whether third parties should be able to pay interest on stablecoins.
Banks are concerned about ‘deposit flight’… Cryptocurrency industry points out ‘blocking competition’
The ‘GENIUS Act‘, passed in July 2025, prohibits stablecoin issuers from paying interest. However, clear provisions on compensation provided by exchanges or other intermediaries are missing, leaving room for interpretation. This ‘gap’ in the bill is causing conflict between industries surrounding the CLARITY bill.
The U.S. banking sector is concerned that stablecoin interest payments may cause deposit withdrawals. Brian Moynihan, CEO of Bank of America, warned on the 15th of this month, “Interest-bearing stablecoins could siphon up to $6 trillion (approximately KRW 8,595 trillion) of bank deposits into the cryptocurrency ecosystem,” adding, “This could reduce lending capacity and increase borrowing costs.”
On the other hand, the cryptocurrency industry counters that this is an attempt by the existing financial sector to protect vested rights through legislation. Coinbase and others are providing compensation to stablecoin holders, and CEO Brian Armstrong recently withdrew support for the bill, saying, “Coinbase believes it is better to have no law than a bad bill.”
Cryptocurrency companies that support the bill… Opinions differ within the industry
Amid the sharp conflict, the views of the cryptocurrency industry are also inconsistent. While CEO Armstrong publicly opposed the bill, major organizations such as Coin Center, Andreessen Horowitz, Chamber of Digital Commerce, Kraken, and Ripple are supporting the Senate’s CLARITY bill.
The CLARITY Act is a foundational bill that re-establishes the regulatory system for cryptocurrency assets in the United States. In particular, the key is to clarify the division of authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and establish new regulatory standards for stable coins and profitable digital assets.
Both politicians and the industry agree that a clear regulatory framework for the cryptocurrency market is needed, but differences of opinion over whether to allow ‘profit-making stablecoins’ are emerging as the biggest obstacle to the bill’s progress. Attention is being paid to whether this White House meeting can provide clues to resolving the conflict.
💡 “Now ‘coins’ rather than ‘deposits’ pay interest… A decisive moment when the market structure changes.”
The conflict between the U.S. White House and the banking and cryptocurrency industries over profitable stablecoins is not just a discussion of legislation. This is a fundamental ‘structural competition’ between the existing financial system and the decentralized ecosystem, and a signal that heralds a paradigm shift in the investment environment.
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TP AI Precautions
We summarized articles using a language model based on TokenPost.ai. Key content in the text may be excluded or different from the facts.
