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>>The White House Digital Asset Director says the crypto market structure legislation is nearing completion.

The White House Digital Asset Director says the crypto market structure legislation is nearing completion.

crypthub

about 5 hours ago

Progress of CLARITY Act Talks

The White House held a third round of negotiations on the crypto market structure bill, known as the CLARITY Act. Patrick Witt, executive director of the President’s Council of Advisers on Digital Assets, called the meeting “a big step forward.” He said both sides are close and expect to meet the end‑of‑month deadline if negotiations stay in good faith. Optimism remains despite the lack of a final agreement.

Key Industry Positions

The session was smaller, featuring representatives from Coinbase and Ripple, while banks were represented through trade associations such as the ABA and BPI. The White House took a more assertive role, presenting draft legislative language that addressed banks’ “Yield and Interest Prohibition Principles.” The draft acknowledges bank concerns but limits any restrictions on rewards to a narrow scope. Discussions now focus on how rewards can be tied to specific activities rather than idle balances.

Proposed Restrictions and Penalties

The draft effectively eliminates yield payments on idle stablecoin balances, a priority for many crypto firms. Banks continue to push for a formal study on deposit outflows caused by stablecoin growth. An anti‑evasion provision would empower the SEC, Treasury and CFTC to enforce the yield ban, with civil penalties up to $500,000 per violation per day. Negotiators expect to keep momentum toward a compromise in the coming days.