White House Accuses Banks on Stablecoin Talks
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A senior White House official has accused major banking trade leaders of refusing to participate in meetings to resolve the stablecoin rewards issue in the CLARITY Act. The dispute has become a key pressure point ahead of the Senate Banking Committee's consideration of the legislation. The CLARITY Act aims to provide a regulatory framework for stablecoins, but disagreements over whether stablecoin issuers can offer interest or rewards to holders have stalled progress. The White House claims banks are blocking compromise, while banking groups argue that such rewards could destabilize the financial system. The outcome of this standoff will significantly impact the stablecoin market and broader crypto adoption.
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