White House · US Senate · U.S. · CryptoSlate
White House reveals US banks ‘refused’ to attend meetings to resolve stablecoin rewards issue in CLARITY Act
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White House says banks skipped stablecoin talks as CLARITY Act debate sharpens over rewards, yield, and payment rules.
Key facts
- The firm said each newly minted stablecoin dollar could generate about 32 cents of net US credit, with total credit expansion reaching about $400 billion through 2030 in its base case and as much
- Traders are watching CPI, Washington’s crypto vote and expiring put hedges as Bitcoin holds near $80,000 despite US-Iran tensions
- US spot Bitcoin ETFs have drawn $3 billion since early April, providing a strong macroeconomic tailwind for MSBT's zero-outflow first month
- Galaxy estimated that 60% to 70% of stablecoin growth under the GENIUS Act framework could originate offshore
Summary
A senior White House official has accused major banking trade leaders of refusing to join earlier talks on stablecoin rewards, escalating a dispute that has become one of the final pressure points ahead of the Senate Banking Committee taking up the CLARITY Act this week. In a May 11 post on the social media platform X, Patrick Witt, executive director of the White House Presidential Advisory Committee on Digital Assets, said he had asked American Bankers Association President Rob Nichols and other bank trade CEOs to attend the February meetings aimed at resolving the question of stablecoin rewards and yield. “The reporter specifically requested the attendance of Mr. Nichols and other bank trade CEOs at the meetings they hosted back in February to resolve the stablecoin rewards/yield issue.