US EditionCrypto bill hits new impasse, raising doubts over its future
Banks oppose stablecoin yield rules fearing deposit loss and financial instability, while crypto firms back them; $500 billion in deposits could be at risk by 2028, analysts estimate.
- On March 5, talks on landmark crypto legislation hit an impasse after U.S. banks said they could not back a White House compromise, casting doubt the bill will pass this year.
- Banks oppose allowing stablecoin rewards, arguing they risk deposit flight, while lawmakers remain divided over anti‑money‑laundering rules and limited Senate floor time complicates resolution.
- Over $119 million in industry spending backed pro‑crypto candidates in 2024 as Coinbase, Ripple, and the Blockchain Association argue banning rewards would be anticompetitive, while the American Bankers Association warns `The risks to economic growth and financial stability are real if policymakers don't get this right'.
- To pass, the bill needs support from at least seven Democrats, and the Senate stalemate reduces odds it clears before the summer campaign season, prolonging uncertainty for crypto firms.
- Against geopolitical and electoral headwinds, passage looks harder this year as the war in Iran and Democratic gains could shrink chances, while some Democrats want to ban elected officials profiting from crypto.
16 Articles
16 Articles
Channel News Asia
Crypto bill hits new impasse, raising doubts over its future
March 5 : Talks on landmark crypto legislation have hit a new impasse after banks said they could not back a compromise pushed by the White House, a development that cast doubt on whether the bill will pass this year and sparked criticism from President Donald Trump who accused lenders of trying to undermine it.
Clarity Act Hits A Roadblock, White House Official Claps Back At JP Morgan CEO
The banks’ side in the Clarity Act negotiations refuses to accept the White House’s suggested compromise. Trump’s crypto advisor, Patrick Witt, called out JPMorgan CEO Jamie Dimon for his misleading comments about stablecoin yields. US President Donald Trump has recently put pressure on banks in ongoing talks over the Clarity Act. However, the gatekeepers of traditional finance are reportedly not playing ball with the White House’s proposed comp…
Crypto Bill Talks Stall as Banks Reject White House Stablecoin Compromise
Negotiations over a major U.S. crypto bill have hit an impasse. Large banks say they cannot support a White House compromise on stablecoin “rewards,” raising doubts the legislation will clear Congress this year. The fight matters for payments because stablecoins are typically dollar-linked tokens used for digital transfers. In an analysis carried by Yahoo Finance, Reuters reported March 5 that talks on the Clarity Act stalled after len…
Trump, Coinbase CEO team up to thwart JPMorgan’s Jamie Dimon
U.S. President Trump blames banks for delaying crypto legislation, emphasizing the need for market clarity to empower the digital asset industry. The post Trump, Coinbase CEO team up to thwart JPMorgan’s Jamie Dimon appeared first on CoinGeek.
CRIPTO.— The negotiations on a historic legislation to regulate the crypted market in the United States entered a new impasse after the banks claimed they could not support a White House-driven compromise. The stalemate casts doubt on whether the project could be approved this year and provoked criticism from President Donald Trump, who accused the financial sector of trying to sabotage it. Trump—who during the election campaign sought support f…
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