White House Holds Third Talks on Stablecoin Yields in CLARITY Act

The White House convened the third meeting in a series of talks on Thursday between representatives from the cryptocurrency industry and banking trade groups to address contentious provisions on stablecoin yields in the proposed CLARITY Act, a bill aimed at establishing regulatory clarity for digital assets. Held in Washington, the session involved senior executives from firms including Coinbase, Ripple, and Andreessen Horowitz, as well as organizations such as the Blockchain Association and the Crypto Council for Innovation. Banking perspectives were represented by trade associations like the American Bankers Association, the Bank Policy Institute, and the Independent Community Bankers of America, though no individual banks dispatched executives.

No agreement emerged from the discussions, which centered on how stablecoin issuers and platforms can offer rewards without classifying the tokens as interest-bearing deposits that compete with traditional banking services. Participants described the atmosphere as collaborative, with White House Crypto Council Executive Director Patrick J. Witt presenting draft language that shifted the focus from broad prohibitions to narrower...