White House Leads Crypto Market Structure Bill Talks

The White House is taking a more assertive role in discussions surrounding the CLARITY Act, a long-debated crypto market structure bill. A third round of talks has concluded, with representatives from Coinbase and Ripple in attendance.

Patrick Witt, executive director of the President's Council of Advisers on Digital Assets, described the meeting as 'a big step forward'. Draft legislative language was introduced by Witt, which addressed concerns raised by banks.

The proposed text acknowledged objections to restrictions on rewards but made it clear that any limitations would be limited in scope. A key takeaway is that paying yield on idle stablecoin balances appears to be off the table.