Witt: Stablecoin Yield Does Not Threaten Banks

White House crypto advisor Patrick Witt stated that crypto companies offering stablecoin yields to customers does not threaten the banking sector and argued that both sides need to reach an agreement on this issue. Speaking to Yahoo Finance, Witt said that crypto service providers sharing yields does not affect banks’ business models or market share, and that banks can also offer stablecoin products. He mentioned that many banks have applied for OCC bank charters and believes this will not be an issue in the future.

White House crypto adviser Patrick Witt provides an update on the CLARITY bill negotiations. Source: Yahoo Finance

Stablecoin yield has delayed the passage of the CLARITY market structure bill as one of the crypto sector’s biggest issues. The CLARITY Act brings clear regulatory authority division between SEC and CFTC in crypto markets and establishes an asset taxonomy for crypto assets. Witt and others warned that the bill needs to be passed before the 2026 US midterm elections, noting that the deal could collapse if Democrats take the House of Representatives. Treasury Secretary Scott Bessent also emphasized that the window is closing rapidly.

How Will the CLARITY Act Affect the Crypto Market?

The CLARITY bill directly concerns altcoin projects along with stablecoin regulations. Clear authority division can increase market confidence by accelerating the SEC/CFTC classification of assets like ALT detailed analysis. Experts expect an altcoin rally if the bill is approved.

Critical Support and Resistance Levels for ALT

Price: $0.01 | 24h Change: +4.95% | RSI: 40.99 (Neutral)
Trend: Downtrend | Supertrend: Bearish
Supports:
- S1: $0.0082 (Strong, 74/100 ⭐, -7.97% distance)
- S2: $0.0069 (Strong, 68/100 ⭐, -22.56% distance)
Resistances:
- R1: $0.0094 (Strong, 67/100 ⭐, +5.50% distance)
- R2: $0.0113 (Strong, 67/100 ⭐, +26.82% distance)