The White House closed-door meeting has ended, how far is the Clarity Act from being enacted?
Today, news is flying around Washington as the White House gathered banking giants and crypto leaders to discuss the Clarity Act. Led by the White House's Crypto Policy Council, traditional finance representatives include the American Bankers Association, the Independent Community Bankers of America, the Bank Policy Institute (BPI) & the Financial Services Forum, while crypto representatives include Coinbase, the Blockchain Association, the Digital Chamber of Commerce, and Circle.
The focus of the meeting was singular: Can stablecoins earn interest?!
Banks and traditional finance fear that stablecoins will siphon off deposit funds, while the crypto community seeks regulatory clarity!
Bankers are anxious, fearing that once approved, everyone will convert their deposits into stablecoins.
The logic is simple: not allowing stablecoins to earn interest goes against free market principles.
Personally, I believe this issue is unlikely to drag on for long; this year's midterm elections, with $200 million in campaign funds from the crypto side, are the best way to resolve the conflict.
For us, there are only two key points:
1. Regulatory authority: As long as the spot jurisdiction is clearly given to the CFTC, the entire crypto circle will celebrate collectively.
2. Stablecoin compliance: This determines whether hundreds of billions of dollars can smoothly enter through legitimate channels.
If the act can be enacted soon, then $BTC could truly make 60,000 the absolute low point for a significant period of time!
