White House Mediates Bank–Crypto Clash Over CLARITY Act

TheNewsCryptoОпубліковано о 2026-03-11Востаннє оновлено о 2026-03-11

Анотація

The White House is mediating between banks and crypto industry representatives over the stalled CLARITY Act in the Senate. White House crypto adviser Patrick Witt emphasized the need to keep the legislation pro-innovation and criticized attempts to turn it into an anti-competition bill. Coinbase officials, including Paul Grewal, accused banks of causing unnecessary delays and attempting to divert benefits from retail consumers to themselves. Banks, represented by groups like the Bank Policy Institute, express concerns over deposit flight risks and are considering legal action against the OCC for granting banking charters to crypto firms. Previously, former President Trump warned that failure to pass the bill could drive the crypto industry to competing countries like China.

While the CLARITY Act is repeatedly delayed in the Senate, the White House is attempting to talk to resolve the standoff between banks and the crypto industry representatives. The adviser of the White House with officials of Coinbase, including Paul Grewal, slams banks over unnecessary delays like deposit flight risks.

The White House crypto adviser Patrick Witt posted on X that the CLARITY Act must stay a pro-innovation piece of legislation. He slammed the trials to hijack the legislative process and change it into an anti-competition bill, referring to it as shameful.

Before this, President Donald Trump criticised banks and warned that failing to pass the crypto bill could push the industry to competing countries, including China. The Trump administration is meeting with banking and crypto officials to solve the issues, with Patrick Witt being the mediator regarding the CLARITY Act.

The Compromise

Senators and White House crypto advisers are seeking a compromise on concerns like deposit flight risk from stablecoin yields. Angela Alsobrooks, a member of the Banking Committee, mentioned banks may have to make some compromise on the CLARITY Act.

The officials of Coinbase, comprising Brian Armstrong, Paul Grewal, and Faryar Shirzad, reproached banking groups for avoiding President Trump and changed the bipartisan GENIUS Act as a condition for the passage of the crypto market structure bill.

The CLO of Coinbase, Paul Grewal, accused banks of trying to take rewards out of retail consumers’ pockets and keep them in the big pockets of banks. The officials of banking, like JPMorgan Chase CEO Jamie Dimon, have concerns regarding deposit flight “risk” and short evidence.

Banks are also looking for lawsuits associated with banking charters for crypto companies. The Bank Policy Institute, which shows Wall Street giants comprising JPMorgan Chase, Goldman Sachs, and Citigroup, is pondering a lawsuit against the US OCC over its push to provide banking charters to crypto companies.

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Пов'язані питання

QWhat is the main role of the White House in the current situation regarding the CLARITY Act?

AThe White House is attempting to mediate and resolve the standoff between banks and the crypto industry representatives, with its crypto adviser Patrick Witt acting as a mediator.

QWho is Patrick Witt and what did he post on social media regarding the CLARITY Act?

APatrick Witt is the White House crypto adviser. He posted on X that the CLARITY Act must remain a pro-innovation piece of legislation and slammed attempts to hijack the legislative process and turn it into an anti-competition bill, calling it shameful.

QWhat specific concern do banks, like JPMorgan Chase, have regarding stablecoins and crypto companies?

ABanks, such as JPMorgan Chase, have concerns about deposit flight risk from stablecoin yields. They are also looking into lawsuits related to banking charters for crypto companies.

QWhich Coinbase officials were mentioned as reproaching banking groups, and what did they accuse them of?

ACoinbase officials Brian Armstrong, Paul Grewal, and Faryar Shirzad reproached banking groups for avoiding President Trump and for changing the bipartisan GENIUS Act as a condition for the passage of the crypto market structure bill. Grewal specifically accused banks of trying to take rewards from retail consumers and keep them in the big pockets of banks.

QWhat broader consequence did former President Donald Trump warn about if the crypto bill fails to pass?

AFormer President Donald Trump warned that failing to pass the crypto bill could push the industry to competing countries, including China.

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