On February 14, news reports indicate that as the debate over the implementation of the CLARITY Act continues, the cryptocurrency community has proposed new principles to oppose the bill draft put forward by banks. The Digital Commerce Association of the Blockchain Industry Association released a set of guiding principles, emphasizing that a two-year study on the impact of stablecoins on bank deposits is acceptable, but opposing provisions that automatically generate regulatory rules.
Cody Carbone, CEO of the Digital Commerce Association, stated that the industry is willing to compromise on stablecoins with static yields similar to bank savings accounts but emphasized that crypto companies should still be able to offer rewards to customers for transactions and other activities. He called on banks to return to the negotiating table to avoid missing the opportunity to establish a fair reward mechanism.
Previously, a meeting between the White House, banks, and crypto companies did not reach a clear agreement. Banks insisted that any yields or rewards on stablecoins could undermine the deposit functions of the U.S. banking system. The new proposal from the Digital Commerce Association aims to find a balance and promote a compromise between the crypto community and banks.
Patrick Vit, Executive Director of the President’s Digital Asset Advisory Committee, pointed out that the window for passing the CLARITY Act is rapidly closing, and political focus will shift to the midterm elections. He emphasized that all parties need to remain flexible, and the advisory committee has held multiple meetings at the White House to facilitate a compromise between the crypto community and banks regarding the bill.
Analysts believe that this proposal could offer new ideas for stablecoin regulation and also highlight the complex position of digital assets within the financial system. As the midterm elections approach, the final direction of the CLARITY Act remains uncertain, but the crypto industry’s ongoing efforts to promote fair reward mechanisms may influence the bill’s details and regulatory framework.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Judge continues Nevada ban on Kalshi sports markets
A state judge in Nevada extended a temporary ban on prediction market provider Kalshi's sports-related contracts in the Silver State on Friday.
Judge Jason Woodbury in the First Judicial District Court told attorneys at a hearing in the Carson City courthouse that he would also grant the Nevada
CoinDesk38m ago
The central government launches the "Tianwang 2026" initiative, with multiple departments working together to crack down on underground money remitters moving stolen funds across borders
The Central Coordinating Group for Anti-Corruption recently launched the "Tianwang 2026" campaign, covering four special tasks. The effort aims to pursue fugitives and recover stolen assets, crack down on overseas official-duty crimes, and curb the transfer of stolen funds through offshore companies, while strengthening outbound travel oversight for public officials.
GateNews5h ago
Polymarket removes prediction markets related to the U.S. military Iran rescue operation
Gate News message, April 5, the prediction market platform Polymarket has taken down a betting page related to a U.S. military rescue operation. Local time on Friday, a U.S. F-15E fighter jet was shot down by Iran, one crew member has been rescued, and the other remains missing and falling. The page previously allowed users to bet on which day the U.S. side would confirm that the two pilots had been rescued.
GateNews8h ago
Cambodian lawmakers propose severe prison time for crypto scammers
Cambodia's parliament passed legislation targeting compounds used to defraud victims through scams, including those involving cryptocurrency.
In a Friday notice, the Senate of the Kingdom of Cambodia announced that the chamber had unanimously approved the draft law with no amendment, with 58
Cointelegraph11h ago
Nevada judge extends ban on Kalshi, rejects event contract defense
A Nevada judge has reportedly extended a ban preventing Kalshi from offering event-based contracts in the state, ruling that the products constitute unlicensed gambling under state law.
Judge Jason Woodbury said at a hearing in Carson City on Friday that he will grant a preliminary injunction
Cointelegraph19h ago
