Officials from President Donald Trump’s team are gearing up to host a key session on Monday, bringing together top executives from traditional banking and the cryptocurrency world to bring the stalled CLARITY Act back to action.
Sources close to the discussions shared with Reuters that the White House’s crypto council is behind this gathering.
It will focus on resolving concerns around how the CLARITY Act handles interest and rewards on dollar-pegged stablecoins.
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For months now, the CLARITY Act has been stuck in the Senate. A planned vote in the Banking Committee got pushed back earlier this month because of heated debates from both lawmakers and industry players over that very stablecoin rewards issue.
Banks vs. Crypto: The Fight Over Stablecoin Rewards Slows the CLARITY Act
At its core, the CLARITY Act is legislation designed to bring much-needed structure to the United States’s crypto.
The bill sets clear rules for digital assets, including who oversees what and dividing responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The biggest roadblock to the CLARITY Act right now centers on a single question: Should third parties like exchanges or platforms be allowed to offer yields or rewards on stablecoins?
The GENIUS Act, signed into law in July 2025, already banned stablecoin issuers themselves from paying interest directly. But it left a gray area open. Could intermediaries step in and provide those rewards instead?
That loophole has sparked a fierce tug-of-war between crypto firms and traditional banks. Banking groups have been lobbying hard to slam the door shut on third-party stablecoin yields, warning it risks pulling deposits out of regular banks, which could shrink lending capacity and drive up borrowing costs for everyday Americans.
On the flip side, major crypto exchanges like Coinbase push back hard saying banks are trying to kneecap competition through legislation.
Coinbase CEO Brian Armstrong made waves on January 14 by pulling his company’s support for the CLARITY Act, bluntly stating they’d prefer no bill at all over one that hurts their business.
However, not everyone in crypto is against the CLARITY Act
A considerable lot including Coin Center, a16z, the Digital Chamber, Kraken, and Ripple have come out publicly in favor of the Senate’s current version, seeing it as a balanced step toward real progress.
With the White House now directly involved, this Monday’s meeting could be the turning point.
