cryptd.in

LinkedIn alternativo per i talenti crittografici

White House Crypto Advisor Denounces Attempts To Sabotage CLARITY Act’s Goals

-

da

cryptd.in
in

No progress has been made recently on the delayed CLARITY Act, the crypto market structure bill, primarily due to opposition from the banking sector over stablecoin rewards. Despite this stalemate, White House Crypto Advisor Patrick Witt has been vocal in advocating for the bill’s passage.

Witt Calls Out Banks For Undermining Crypto Progress

In a social media posta on Tuesday, Witt emphasized the importance of keeping the CLARITY Act a pro-innovation piece of legislation. He criticized efforts to co-opt the legislative process into an anti-competition framework, labeling such actions as “shameful.” 

His comments echo President Donald Trump’s recent support for the cryptocurrency industry, in which Trump alleged that banks are attempting to undermine both the overarching crypto framework and the GENIUS Act, signed last year. 

The President accused financial institutions, despite their record profits, of resisting policies that aim to create greater opportunities within the digital asset sector. 

However, on Wednesday, Witt intensified his criticism of the banking sector’s opposition to stablecoin rewards, stating:

Arguably my favorite part of this rewards/yield debate has been when bankers say, ‘if we allow this, then we’ll see massive deposit flight.’ Crypto has already been offering rewards/yield on stablecoins FOR YEARS. Where is the deposit flight? Is it in the room with us right now?

CLARITY Act In Jeopardy? 

The traditional banking sector contends that stablecoin products offering rewards could siphon deposits from traditional banking institutions, ultimately diminishing the funds available for local lending activities. 

In response, crypto executives have been defending the concept of consumer choice and the benefits of open competition. Some contend that restrictions on stablecoin rewards would disproportionately protect bank profit models while limiting individuals’ control over their finances.

Witt has previously stated that a lack of compromise on the CLARITY Act equates to no restrictions on intermediaries providing stablecoin rewards. He added, “If you believe the banks’ argument about deposit flight, this would be catastrophic.”However, the CLARITY Act faces additional unresolved challenges.

Some Democratic senators are pushing for stronger anti-money laundering (AML) safeguards, measures addressing alleged risks associated with decentralized finance (DeFi), and tighter restrictions on personal crypto holdings for senior government officials.

While the Senate Agriculture Committee has approved its section of the bill, ongoing discussions within the Senate Banking Committee aim to address these remaining issues. As of now, it remains uncertain when a compromise will be reached, leaving the future of the CLARITY Act hanging in the balance.

Crypto

Featured image from OpenArt, chart from TradingView.com 

Commenti

Lascia un commento

Il tuo indirizzo email non sarà pubblicato. I campi obbligatori sono contrassegnati *

Ultimi feed

Categorie più popolari

it_IT Italiano
it_IT Italiano en_US English ro_RO Română et Eesti ko_KR 한국어 ja 日本語 ru_RU Русский de_DE Deutsch es_ES Español zh_CN 简体中文 fr_FR Français zh_TW 繁體中文 pt_PT Português pl_PL Polski tr_TR Türkçe nl_NL Nederlands id_ID Bahasa Indonesia el Ελληνικά uk Українська bg_BG Български cs_CZ Čeština fi Suomi hu_HU Magyar lv Latviešu valoda lt_LT Lietuvių kalba nb_NO Norsk bokmål sk_SK Slovenčina sl_SI Slovenščina sv_SE Svenska

Ricerca nel sito web

Storie popolari

Tag

#AlexeyPertsev (1) #BidenCryptoBan (1) #BidenElezione (1) #BinanceVsCoinbase (1) #Bitcoin (425) #BitcoinETF (3) #BitcoinFondamenti (1) #BitcoinHandling (1) #BitcoinPrezzo (5) #BitcoinPrezzoLivello (1) #BitcoinPump (1) #BitcoinReserve (1) #BitcoinSurge (1) #BitcoinTop (1) #Bitfinex (1) #Bitwise (1) #BracebridgeCapital (1) #BRC20Tokens (1) #BTCacquisizione (1) 1TP5Previsione toro (1) #BullishSentiment (1) #CMiniera cinese (1) #CPIPreview (1) #CryptoAsset (2) #CryptoBattle (1) #CryptoBoom (1) #CryptoExpert (1) #CryptoInsights (1) #CryptoMania (1) #CryptoMarket (4) #CryptoPrediction (1) #CryptoPredictions (1) #CryptoRegulation (2) #CryptoTakeoff (1) #CryptoTiming (1) #CryptoTips (1) #CryptoTreasury (1) #CryptoUncertainty (1) #DerivativoSalto (1) #Dogecoin (73) #DogecoinGains (1) #DogecoinVolume (1) 1TP5Corte olandese (2) #ECommerce (1) #ElSalvadorBitcoin (1) #Ethereum (69) #EthereumPain (1) #EPrezzo dell'Etere (1) #ExpertOpinion (1) #FedRateCut (1) #FiatValuta (1) #Fimpatto finanziario (1) #FinanziarioPrivacy (1) #FirmShutdown (1) #FrozenAccounts (1) 1TP5FondiIlleciti (1) #InflationData (1) 1TP5Investimento (1) 1TP5Perdita d'investimento (1) #Azienda giapponese (1) #Azione legale (1) #Impatto legale (1) #Legislazione (1) #LightningNetwork (1) #Manalisi del mercato (3) #MMonitoraggio del mercato (1) #Mprevisione di mercato (1) #Mprevisioni di mercato (1) #MProiezione di mercato (1) #MmercatoSupporto (1) #MmercatoVolatilità (1) #MCompatibile (1) #MemeCoin (5) #MemeCoins (2) #MinerProfittabilità (1) #MRiciclaggio di denaro (2) #MtGox (4) #Corea del NordCrittografia (1) #NovogratzPrevisione (1) #PriceMilestone (1) #PprezzoPrevisione (2) #PriceDomanda (1) #PrezzoAumento (1) #PcarcereSentenza (1) #QuantAnalisi (1) #RegolamentazionePressione (1) #SECAntiCrypto (1) #ShibaInu (5) #SocialBuzz (1) #T Analisi tecnica (1) #Toncoin (3) #TornadoCash (3) #TornadoCashDev (1) #TornadoCashSviluppatore (1) #UKCrypto (1) #UpsidePotenziale (1) #USCongresso (1) #WyomingLand (1) #XRPrezzo (1) #XRPupswing (1)

Link utili

Link che ho trovato utili e che volevo condividere.