The CLARITY Bill, one of the long-awaited regulatory initiatives of the cryptocurrency market in the USA, has turned into a new area of tension between banks and crypto companies over who will gain advantage over the digital dollar ecosystem. The US administration is trying to clarify the regulatory road map, especially in the conflict over stablecoin rewards and the returns they promise.
Disagreement Continues on Stablecoin Returns
Although it was considered that the special meeting held at the White House on February 9 and attended by leading banks could relieve the blockage on the CLARITY bill, there was no concrete development regarding reconciliation after the meeting. At the center of the debate is the legal definition and scope of returns from stablecoins. Banks are concerned about the potential impact of rewards offered in digital dollars on the existing deposit ecosystem. In response, crypto companies offer these returns as part of financial innovation.
Public Perception and Legislative Preparations
The public perception of the bill as “a struggle between banks and savers” increased the pressure on the parties. In particular, the possibility of savers obtaining returns that they cannot obtain in the banking system through stablecoins has become the main point of contention of the proposal in question. Article 404 of CLARITY seeks to determine how stablecoin rewards will be legally classified; A delicate balance is sought in terms of both the financial sector and consumer rights.
Senate Banking Committee Chairman Tim Scott continues to emphasize digital assets and their relationship with economic growth, although no changes have been made to the direct text of the bill. These statements show that US lawmakers intend to keep alive the process of adding political weight to the discussions.
Despite the resistance of the banking sector, the Senate Agriculture Committee staff is conducting parallel work to harmonize definitions and regulations in the bills. This indicates that digital assets may be integrated into different legislative proposals in the future.
The White House is Trying to Direct the Process
Another element that keeps CLARITY at the top of the political agenda is the direct negotiations in which the White House is involved. The White House is seeking a solution that creates stability and competitiveness within the scope of regulation. Currently, no draft text or agreed-upon solution language has been made public; Additionally, the official date on which the bill will be discussed in detail has not been announced.
All parties demand clarity and transparency for the industry on the one hand, while focusing on the security of deposits and financial risks on the other. In particular, the fact that the digital dollar opens the door to competition in the economy between traditional and new finance models makes the decisions of lawmakers more complex.
Uncertainty regarding the future of the draft law continues. Just as no official compromise text has been shared between the negotiating parties, there is not yet a clear solution that will meet the expectations of industry representatives. The next important milestone will be the timetable in which the bill will be officially discussed.
