On February 14, news reports indicate that as the debate over the implementation of the CLARITY Act continues, the cryptocurrency community has proposed new principles to oppose the bill draft put forward by banks. The Digital Commerce Association of the Blockchain Industry Association released a set of guiding principles, emphasizing that a two-year study on the impact of stablecoins on bank deposits is acceptable, but opposing provisions that automatically generate regulatory rules.
Cody Carbone, CEO of the Digital Commerce Association, stated that the industry is willing to compromise on stablecoins with static yields similar to bank savings accounts but emphasized that crypto companies should still be able to offer rewards to customers for transactions and other activities. He called on banks to return to the negotiating table to avoid missing the opportunity to establish a fair reward mechanism.
Previously, a meeting between the White House, banks, and crypto companies did not reach a clear agreement. Banks insisted that any yields or rewards on stablecoins could undermine the deposit functions of the U.S. banking system. The new proposal from the Digital Commerce Association aims to find a balance and promote a compromise between the crypto community and banks.
Patrick Vit, Executive Director of the President’s Digital Asset Advisory Committee, pointed out that the window for passing the CLARITY Act is rapidly closing, and political focus will shift to the midterm elections. He emphasized that all parties need to remain flexible, and the advisory committee has held multiple meetings at the White House to facilitate a compromise between the crypto community and banks regarding the bill.
Analysts believe that this proposal could offer new ideas for stablecoin regulation and also highlight the complex position of digital assets within the financial system. As the midterm elections approach, the final direction of the CLARITY Act remains uncertain, but the crypto industry’s ongoing efforts to promote fair reward mechanisms may influence the bill’s details and regulatory framework.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Revealed: How Russian businessmen use cryptocurrencies and "zero cross-border settlements" to solve 40% exchange rate losses in trade with Iran?
Russian companies, in response to losses caused by Iran's dual exchange rate system, have developed cryptocurrency transfer, underground hawala exchanges, and internal settlement systems, successfully reducing export losses. However, after the outbreak of war in 2025, this financial system came to a complete halt, affecting cross-border transactions and logistics.
動區BlockTempo11m ago
US Lawmakers Introduce Death Bets Act to Ban War Betting
Two US lawmakers have introduced a new bill. That aims to stop people from betting on violent global events. The proposal is called the Death Bets Act. It would ban prediction markets from offering bets related to war, terrorism, assassination or a person’s death. The bill was introduced on
Coinfomania1h ago
Paul Atkins Outlines SEC-CFTC Plan to Reduce Compliance Duplication
U.S. regulators SEC and CFTC are harmonizing oversight to reduce duplicate compliance, proposing “substituted compliance” for overlapping obligations. The initiative focuses on areas like prediction markets and digital assets, aiming for seamless regulation while retaining agency independence.
CryptoFrontNews1h ago
GNLU Report Urges India to Create Crypto Regulatory Framework
A report from Gujarat National Law University advocates for a structured regulatory framework for crypto-assets in India, addressing the current reliance on taxation and fragmented oversight. It highlights the need for legal clarity to foster growth and innovation in the digital asset sector.
TodayqNews2h ago
Crypto Regulation Shift? CFTC Unveils New Market Vision
CFTC Chair Michael Selig's plan aims to modernize U.S. financial markets by implementing clear crypto regulations, supporting tokenized assets, and enhancing oversight, fostering innovation while ensuring investor protection.
Coinfomania2h ago
Ghana Launches Yearlong Crypto Pilot With 11 Companies
Ghana has launched a year-long crypto pilot program to regulate digital assets through a controlled sandbox for 11 service providers, aiming to enhance investor protection and financial inclusion while observing trading activity.
Coinfomania3h ago
