The third White House meeting on the CLARITY Act holds today, with Ripple, Coinbase, and bank representatives among those who will be in attendance. This comes as the month-end deadline for the banks and crypto to reach a deal over stablecoin rewards in the crypto bill approaches.
Ripple, Coinbase Execs To Attend White House CLARITY Act Meeting
In an X post, crypto journalist Eleanor Terrett revealed that attendees for today’s meeting will include Ripple and Coinbase’s Chief Legal Officers (CLOs), Stuart Alderoty and Paul Grewal, a16z’s Miles Jennings, alongside some banking and crypto trade representatives. Meanwhile, the meeting will begin at 9 am E.T.
This follows an earlier CoinGape report that the White House would hold another meeting on the CLARITY Act this week. The Trump administration is looking to resolve the dispute between banks and crypto over the inclusion of stablecoin rewards in the crypto bill.
The banks are calling for a broad ban on stablecoin rewards, which would prohibit crypto firms like Coinbase from distributing yields to their users. However, crypto firms argue that such a move will hinder innovation in the U.S.
So far, banks and crypto have yet to reach a middle ground on this provision in the CLARITY Act, even as the month-end deadline approaches. In a bid to reach a compromise, the crypto group Digital Chamber proposed that there be exemptions to the broad ban on stablecoin rewards, allowing crypto platforms to distribute rewards when users participate in activities such as liquidity provision and staking.
It remains to be seen if the banking representatives will agree to this proposal. Coinbase CEO Brian Armstrong said yesterday that they are making progress and that he believes they will reach a win-win situation for banks and the crypto industry.
An April Timeline May Be On The Cards
April has come up as a potential timeline for when the CLARITY Act could pass or be close to passing, despite banks and crypto stalling on the stablecoin yield provision. As CoinGape reported, Ripple CEO Brad Garlinghouse reiterated earlier this week that there is an 80% chance that the crypto bill be close to passing by April.
Meanwhile, yesterday at the World Liberty Forum, Senator Bernie Moreno, a member of the Senate Banking Committee, also said the crypto bill could pass by April. However, it is worth noting that the crypto bill has yet to have its markup, and there is no clear schedule for when the markup will happen.
Despite the uncertainty, crypto traders are still betting on the CLARITY Act passing this year. The odds of the crypto bill passing this year spiked to 90% yesterday following statements from Armstrong and Moreno. It has since dropped to 71%.
Source: PolymarketSource: https://coingape.com/white-house-to-hold-clarity-act-meeting-with-ripple-coinbase-banks-today/
