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White House to mediate bank-crypto clash over stablecoin rules amid fears of $500B deposit loss and stalled Clarity Act.
Leaders in the banking and cryptocurrency sectors will meet at the White House to settle disagreements impeding the Clarity Act, with an emphasis on regulations governing interest and rewards on dollar-pegged stablecoins.
While cryptocurrency companies claim these incentives are essential for growth and competitiveness, banks warn that they could cause a $500 billion deposit outflow by 2028, endangering financial stability.
The House passed its version in July, but the Senate postponed a vote because of unresolved issues and Republican divisions.
In light of the high stakes for regulatory clarity and U.S. leadership in digital finance, the White House Crypto Council is hosting the meeting with the goal of finding common ground.
La Casa Blanca para mediar el choque entre bancos y criptomonedas sobre las reglas de las monedas estables en medio de temores de pérdida de depósitos de $500 mil millones y la Ley de Claridad estancada.