The White House is summoning bankers and digital firms to unlock cryptocurrency regulation, while markets assess monetary policy as a structural rather than directional adjustment factor.
The US administration has decided to intervene directly in the existing friction between traditional banking and the cryptocurrency and digital asset sector, in order to unblock pending legislation that has hindered the development of this market for months.
At the heart of this debate is the CLARITY Act, a proposal that redefines how cryptocurrencies and stablecoins and products linked to digital assets are regulated within the financial system.
The current draft of this bill expressly prohibits stablecoin issuers from offering interest or rewards to holders of these assets, a measure designed to contain the migration of deposits out of the banking system, but which has generated much debate among stakeholders.
While bankers defend the need to preserve the stability of capital flows, crypto industry leaders advocate for fair regulations that encourage innovation rather than incentivizing capital flight to other jurisdictions.
Trade cryptocurrencies on Bit2MeThe battle for liquidity and deposit stability
The current dispute between the banking system and the crypto industry revolves around the control of financial incentives in the stablecoin market. The draft of the new legislation aims to prevent direct issuers of these digital assets from paying interest to their users, but the banking sector warns that the current wording leaves an ambiguous loophole that would allow intermediaries, such as exchanges, to offer returns on their own account. For banks, this possibility represents a direct threat to their business model, as it could divert a significant portion of the deposits that currently sustain their liquidity.
Un report Standard Chartered reinforces this concern by projecting that, by 2028, stablecoins could absorb up to $500.000 billion in deposits currently held within the US banking system. Such a shift, traditional lenders warn, would jeopardize one of their main sources of cheap funding and, in the long term, could increase the vulnerability of the financial system.
From the other side of the debate, companies in the crypto/blockchain ecosystem defend their right to offer rewards as a natural extension of competition in a modern, decentralized market. They argue that preventing these returns would be tantamount to protecting the dominance of traditional banking at the expense of innovation and consumers themselves, who are seeking more efficient and cost-effective alternatives for managing their money.
The legislative conflict intensifies because the law passed last year, the GENIUS ActThe bill already established some restrictions for stablecoin issuers, although it did not cover intermediaries. Even so, pressure from the banking sector has led to demands for stricter adjustments that would eliminate any room for interpretation. Political divisions have also contributed to the bill's stagnation, especially among Republican senators, who have been unable to reach a consensus to move forward with the Senate Banking Committee vote.
For analysts, the delay in that decision reflects the difficulty of reconciling two opposing views on how the US financial system should evolve in the digital age.
Enter the crypto market securely hereWashington seeks a middle ground between regulation and technological progress
According to Reuters, the US government's call has been met with some hope within the digital asset sector. reported Despite the tense atmosphere surrounding the regulatory debate on the bill, key representatives of the crypto industry see this meeting as an opportunity. an opportunity to reinforce its legitimacy and maintain the United States as a global technological leader.
Summer Mersinger, executive director of the Blockchain Association, expressed her team's satisfaction in participating in the dialogue with legislators. She also indicated that their goal is to move toward a coherent and stable market framework that allows companies to operate with precise rules within the country, without relying on foreign jurisdictions.
From another key organization, Cody Carbone, executive director of The Digital Chamber, highlighted the White House's effort to bring all stakeholders together. In his view, this intervention by the administration is a necessary step to balance the security demands of banks with the need to maintain innovation and competitiveness in the digital sector.
Market observers are closely monitoring the summit and any progress made regarding the regulation of custody and financial interests, as this issue has become a crucial point in the debate over controlling capital flows in the coming years. While the banking system and the cryptocurrency industry remain significantly divided, there is a practical point of agreement between them: the absence of clear federal regulations would be the most unfavorable scenario for all involved.
Operate regulated stablecoins on Bit2MeThe future of digital financial regulation under debate
The outcome of this summit could determine the trajectory of financial innovation in the United States for years to come. If a compromise is reached, the CLARITY Act would be cleared to move toward a final vote, providing the regulatory framework that cryptocurrency companies have demanded for years while simultaneously mitigating the systemic risks that concern traditional banking.
The White House's ability to mediate this technical and economic conflict will demonstrate whether it is possible to integrate technological disruption within established financial institutions or whether the friction between the two worlds will continue to be an obstacle to the broader development of the market.
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