President Donald Trump has urged Congress members to pass the crypto market bill immediately amid recent setbacks. He further criticized the banking industry for intentionally slowing down the progress of the legislation.
Trump Pushes Congress to Fast-Track Crypto Market Bill
In a Truth Social Post, Trump claimed that the banking industry was holding up landmark legislation on cryptocurrency on purpose. He claimed that they must make a good deal with the crypto industry to progress the pending digital asset bill in the Senate.
This comes after White House officials held multiple meetings to resolve the issue between the banking and crypto industries. The concern remains whether exchanges should be able to offer rewards programs that pay yield to users who hold stablecoins.
However, despite Trump’s new stance on the issue, the stalled crypto market structure bill is still unlikely to have the necessary votes in the Senate unless there is a resolution to the stablecoin yield fight that banks are satisfied with. The President also said that the GENIUS Act is being threatened and undermined by the Banks.
The negotiations on the crypto market bill, which are being facilitated by White House crypto adviser Patrick Witt, have gone on past an informal March 1 deadline that administration officials had hoped to meet in resolving the issue.
CLARITY Act Odds Dwindle Amid Industry Clash
Odds of the legislation being passed this year have increased again after it previously fell due to signals of a fallout in negotiations. Polymarket data shows it’s now at a 70% chance of being approved after the President’s comments.
Source: PolymarketIt is also worth mentioning that there have been clashes even within the crypto industry on the market bill provisions. Yesterday. Cardano Founder Charles Hoskinson highlighted why the CLARITY Act must not be progressed at its current state. He said this while hitting at Ripple’s CEO, Brad Garlinghouse, again for supporting the bill.
In response, Ripple’s CTO reiterated that it’s better to have a sub-optimal bill than no bill at all. Meanwhile, Jaret Seiberg, an exec at TD Cowen, said that the banks will end up losing on the issue of the stablecoin, but stated that the battle may be drawn out to the point that the CLARITY Act could be jeopardized.
Source: https://coingape.com/trump-tellls-congress-to-pass-crypto-market-bill-asap-blasts-banks-for-stalling/
