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Negotiations on the U.S. cryptocurrency market structure bill have hit a new deadlock, with banks believing that the bill could trigger a withdrawal of deposits
According to Reuters, negotiations on the CLARITY Act, aimed at establishing a comprehensive regulatory framework for digital assets in the U.S., have hit a new deadlock, as banks have stated they cannot support the compromise proposed by the White House, raising doubts about whether the bill can pass this year.
The core of the deadlock lies in the stablecoin yield provisions: banks oppose allowing stablecoin issuers and crypto companies to offer yield products, arguing that this would siphon off bank deposits and affect their lending capacity; crypto companies, on the other hand, assert that they must be able to offer yields to attract customers, and banning this would be against competition. The White House intervened last month, proposing a compromise that allows for yields on stablecoins in specific scenarios such as peer-to-peer payments, but prohibits paying yields on idle holdings.
Crypto companies have accepted this proposal, but banks have stated they cannot support it, believing it could still lead to deposit outflows. Some senators support the banks' position. U.S. President Trump criticized the banking industry for trying to undermine the crypto agenda in a post on Truth Social on Tuesday evening. The bill also needs to resolve differences among senators regarding ethical and illegal financial provisions, and time for legislation is limited; if Democrats gain more seats in Congress in November, the chances of passing will further decrease.
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