Crypto Bill Faces Fresh Hurdles as Talks Hit Impasse

The passage of the Clarity Act bill, which seeks to establish clear regulations for cryptocurrencies, faces renewed uncertainty as talks between lawmakers and industry stakeholders reach a new impasse.

According to sources, banks have refused to support a compromise brokered by the White House, which would allow stablecoin issuers and crypto firms to offer rewards in certain circumstances. The compromise was seen as a concession to crypto companies, but banks remain opposed, citing concerns that it could lead to deposit flight.

The opposition from banks has sparked criticism from President Donald Trump, who accused lenders of trying to undermine the bill. Despite his administration's efforts to push for reform, the bill faces significant hurdles in Congress, including disagreements over ethics and illicit finance provisions.