‘You’ll burn down your home?’ – Trump crypto advisor slams banks’ position on CLARITY Act
Banks are opposing the CLARITY Act, fearing that stablecoins offering over 5% rewards will cause deposit flight. The White House is pushing for compromise, but banking representatives argue it would harm local lending. Trump’s crypto advisor, Patrick Witt, warns that banks' refusal to compromise could be "catastrophic," comparing it to an arsonist burning their own home. He notes that even without the CLARITY Act, stablecoin rewards will continue under the existing GENIUS Act. Stablecoins have become a major buyer of U.S. Treasury bills, purchasing $153 billion as of 2025. The impasse continues, though markets still see a 71% chance of the bill passing this year.
ambcrypto03/08 01:02
