,Crypto industry leaders have proposed new compromises on the crypto market bill in a bid to resuscitate its stalled progress. The changes are related to the stablecoin dispute between them and the banks. This has been the bone of contention of the CLARITY Act since its draft was released.
Crypto Leaders Float CLARITY Act Changes to Banks
According to Bloomberg, the crypto companies are now offering new concessions that are connected to the stablecoin dispute. These new proposals include giving community banks more power in the stablecoin system. This means holding reserves or issuing stablecoins themselves through partnerships.
While not all crypto firms are in agreement on the ideas, it shows that they are redoubling efforts to keep moving the bill on crypto market structure.
This comes after the Trump administration brought together a meeting at the White House on Monday. They assembled crypto and banking trade groups. However, there was no agreement on how to tackle areas of contention in the CLARITY Act.
In recent days, the crypto firms have proposed possible compromises to the banks. These proposals included stablecoin issuers being required to hold a portion of their reserves, or the money backing their virtual assets, at community banks.
Another proposal was to ease the way for community banks to create their own stablecoins. The two sides have not yet agreed on any compromise on the crypto market bill, according to sources. It is still not known if the CLARITY Act proposals would be sufficient to erase the banks’ concerns about their customers withdrawing their deposits.
Senate Democrats Make Progressive Talks on Crypto Bill
As CoinGape reported yesterday, the Democrats faction met to review their stance on the crypto market bill. According to Eleanor Terrett, the lawmakers had “positive talks,” describing it as the most productive meeting to date.
While the Democrats make their progress, Senator Tim Scott, the chairman of the Senate Banking Committee, told Fox News on Wednesday that he was still hopeful that the banks and the crypto firms would be able to strike a balance on the CLARITY Act.
After the strings of disagreements that have stalled the crypto bill from being passed into law last year, the new developments suggest a significant change in a positive direction.
Source: https://coingape.com/clarity-act-crypto-firms-propose-new-changes-to-advance-stalled-market-bill/
