World & BusinessBig banks accused of killing CLARITY Act over stablecoin deposit fears
Coin Bureau reports that White House crypto adviser Patrick Witt blamed large banks for opposition to the bill, saying it spread to community banks like a “wildfire.”
TLDR
Coin Bureau reports that the White House blamed big banks for killing the CLARITY Act over fears that stablecoins would drain their deposits. White House crypto adviser Patrick Witt described the opposition as a “wildfire” started by larger banks that spread to community banks. Witt also said Trump was willing to divest his crypto or place it in a blind trust, calling the ethics provision the most restrictive any president had agreed to.
Big banks accused of killing CLARITY Act over stablecoin deposit fears
Coin Bureau reports that White House crypto adviser Patrick Witt blamed large banks for opposition to the bill, saying it spread to community banks like a “wildfire.”
TLDR
Coin Bureau reports that the White House blamed big banks for killing the CLARITY Act over fears that stablecoins would drain their deposits. White House crypto adviser Patrick Witt described the opposition as a “wildfire” started by larger banks that spread to community banks. Witt also said Trump was willing to divest his crypto or place it in a blind trust, calling the ethics provision the most restrictive any president had agreed to.
