The White House will hold a meeting with executives from the banking and cryptocurrency industries on Monday to resolve differences regarding the CLARITY Act. The conflict has hindered progress on crypto legislation in the U.S.
White House To Hold Meeting Over CLARITY Act
The White House crypto council will host the meeting, according to a report by Reuters quoting individuals familiar with the matter. The discussion is likely to center on the treatment of interest and reward structures that crypto companies apply to dollar-pegged stablecoins in their customers’ accounts, the sources said.
CoinGape had earlier reported that the proposed stablecoin yield ban for crypto service providers in the CLARITY Act was one of the reasons that companies like Coinbase withdrew their support for the crypto bill.
The Trump administration is holding the meeting to help all parties involved reach an agreement. Banking groups have expressed concerns that stablecoin rewards may cause traditional finance institutions to lose customers to crypto firms. On their part, crypto companies are pushing to have a well-defined crypto market structure.
There are mixed expectations concerning when the bill was pass. Data from the prediction markets Polymarket show that traders now give a 57% chance that the CLARITY Act will become law in 2026. This likelihood has declined over the past few weeks as legislative progress has slowed.
Bitwise CIO Matt Hougan cautioned that it is unlikely that there will be a bull run in the crypto market if the CLARITY Act fails to pass. Hougan also argued that if Congress doesn;t pass the bill now, the next administration may seek to restart the whole legislative process.
As CoinGape reported, the Senate Ag committee will have the markup for a corresponding crypto bill to the CLARITY Act tomorrow. Top Democratic senators on the committee have indicated that they will not raise any other issues that will jeopardize the advancement of the crypto bill.
