Latest Update on the CLARITY Bill Following White House Meeting

A two-hour meeting led by White House crypto advisor Patrick Witt focused on a key issue: whether stablecoins can pay interest to users and if third parties like Coinbase can facilitate this.
No consensus was reached:
- The crypto representatives argue that banks are stalling and have not proposed any compromise.
- The banking representatives stated they are acting on behalf of their association and need to consult member banks before negotiations.
The White House has urged both sides to narrow the negotiating group and return to the table with a willingness to compromise by the end of this month.
The CLARITY bill has passed the House and cleared the Senate Agriculture Committee last week. The next step is the Senate Banking Committee.
Time is running out. With the midterm election campaign starting in March, all legislation must be passed before then. The longer the process takes, the lower the chances of passing CLARITY this year.