The stalled version of the Senate Banking Committee’s CLARITY Act could see some progress as Coinbase, other crypto firms, and banks are set to meet on Monday at the White House to discuss the Stablecoin yield concerns in the bill.
White House to Host CLARITY Act Talks on Monday
As reported by Reuters, the White House is set to meet with banking and crypto industry executives on Monday. They will discuss a way forward for the crypto legislation, which has stalled due to a clash between the two powerful groups.
Crypto representatives expected to be present include Coinbase, Ripple, Kraken, and the Blockchain Association. From the banking side, reps from the American Bankers Association are expected to be present.
The meeting to be hosted by the White House’s crypto council will feature executives from various trade groups. The summit will cover how the CLARITY Act treats interest. They would also deliberate other rewards that crypto firms can dispense to customers who hold stablecoins.
This meeting is a move to assist the two industries, which have been competing head-to-head on the bill, to come to a compromise. For instance, Coinbase’s CEO and JP Morgan’s CEO reportedly clashed on some of the issues at Davos.
This new summit is a reflection of how eager the Donald Trump administration is to get this bill through. As CoinGape reported, Trump’s advisor Patrick Witt had called out all parties involved to come together and resolve the concerns.
He further stated that there would be a CLARITY Act, and it was only a matter of time. This was in response to claims that it was better to have no bill than a bad bill. Summer Mersinger, CEO of the Blockchain Association, said that they are proud to participate in next week’s meeting.
U.S Government Shuts Down Partially
The US government has shut down partially as Congress has missed a deadline of midnight on Friday to complete a spending package. As such, some agencies are set to be closed down for the time being.
On Friday, the Senate approved legislation to fund each of these remaining government agencies through the end of the fiscal year in September. This is still a good sign for the CLARITY Act progress.
However, it is yet to be approved by the House, which is on recess until Monday. President Trump has already endorsed the spending package. It is now expected to be approved by lawmakers in the lower chamber shortly.
Source: https://coingape.com/clarity-act-set-to-progress-as-coinbase-and-banks-meet-on-monday-to-resolve-stablecoin-dispute/
