Washington’s effort to give the crypto industry a clearer legal framework has run into another wall, and the standoff says as much about the traditional banking system as it does about digital assets. The Clarity Act was meant to reduce ambiguity around how crypto firms operate, especially around stablecoins and yield-bearing products, but negotiations have again stalled because banks remain deeply uneasy about letting crypto companies offer customer rewards that could pull deposits away from the banking system. The White House tried to broker a middle ground by allowing limited rewards in narrow cases, and some crypto firms accepted that compromise, yet banks still rejected it, arguing that even a partial opening could weaken deposit bases and create broader financial risks. The result is a familiar Washington scene: competing industries lobbying hard, lawmakers splintering over financial stability and market innovation, and a reform package that now looks increasingly vulnerable to election-year politics and an already crowded legislative calendar.
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