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The controversy over the CLARITY Act intensifies, as White House crypto officials refute the view that stablecoin rewards lead to bank deposit outflows
The discussion surrounding the U.S. "CLARITY Act" has sparked a public debate between the banking industry and White House cryptocurrency policy officials. Christopher Williston VI, president of the Texas Independent Bankers Association, publicly stated on the X platform that compromising on this act would harm local lending and economic productivity, and he asserted that there would be no concessions on liquidity issues that support the local economy.
In response, Patrick Witt, executive director of the White House Digital Asset Advisory Committee, stated that refusing to compromise on the "CLARITY Act" means there would be no restrictions on providing stablecoin rewards to intermediaries. According to the banking industry's claims about "deposit outflows," this situation could lead to catastrophic consequences, and this logic "is like watching an arsonist threaten to burn down their own house."
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