U.S President Donald Trump appears keen on advancing the stalled crypto market structure bill to the finish line.
According to Reuters, the White House will meet the crypto firms and banks on the 2nd of February to seek a ‘compromise’ on the crypto bill. The main issue will be stablecoin yields, which have pitted the two sectors and stalled the bill’s momentum.
The bill, also known as the CLARITY Act, faced a setback in mid-January after Coinbase withdrew its support. The exchange cited ‘too many issues’, including a direct ban on stablecoin rewards and tokenized securities.
This forced the previously planned Senate Banking Committee vote on the draft bill to be postponed. And the two sectors have been clashing ever since.
In fact, even the White House was reportedly unhappy with the turn of events and called on Coinbase to come back to the negotiating table.
Trump to revive crypto bill?
The Senate Banking group was further instructed to double down on affordable housing policy, putting the crypto bill on the back burner.
With a winter storm underway, a possible government shutdown looming, and the November midterms approaching, many feared the bill would stall.
However, the latest update brings renewed optimism. It signals progress toward what could become the sector’s most significant regulatory effort since the stablecoin framework, the GENIUS Act.
Commenting on the same, Summer Mersinger, CEO of the Blockchain Association, an umbrella group invited to the White House meeting, which represents Coinbase, Kraken, Ripple, and others, said,
“We look forward to continuing to work with policymakers across the aisle so Congress can advance lasting market structure legislation and ensure the United States remains the crypto capital of the world.”
Similarly, Cody Carbone, CEO of another crypto trade group, The Digital Chamber, hailed the White House for ‘pulling all sides to the negotiation table.’
During his 2024 campaign trail, Trump was heavily supported by crypto firms and promised regulatory clarity for the industry.
Whatever the bill’s outcome, the industry isn’t taking any chances. Crypto’s super PAC Fairshake has unveiled a $193 million war chest ahead of the November midterms. Josh Vlasto, a spokesperson for Fairshake, said,
“With the midterms approaching, we are united behind our mission with Fairshake continuing to oppose anti-crypto politicians and support pro-crypto leaders.”
Since last July, it has received $74 million in extra cash, with $25 million each from Coinbase and Ripple and $24 million from VC firm a16z.
According to analysts, Fairshake is now the second-largest Super PAC by funding, underscoring crypto’s clout in U.S. lobbying and elections.
Final Thoughts
- Trump is reportedly pushing for a ‘compromise’ on stablecoin yield between crypto firms and banks to advance the CLARITY Act.
- Crypto super PAC Fairshake now has $193 million for pro-crypto candidates ahead in the November U.S. elections.
