2 weeks ago
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The Trump administration is preparing an interactive tool to defend landmark crypto legislation against banks’ concerns that stablecoin growth could drain community bank deposits, Council of Economic Advisers Chair Chris Phelan told Semafor.
The Council of Economic Advisers says its analysis found no meaningful link between stablecoin growth and deposit flight, while banking groups argue that recent changes to the bill do not go far enough.
The bill, known as the CLARITY Act, would divide digital asset oversight between the SEC and CFTC and needs at least 60 Senate votes to advance. Some Republican lawmakers, including Sen. John Cornyn, may oppose it over concerns raised by community banks, while crypto-friendly Democrats argue that the revised ethics provisions do not sufficiently restrict President Donald Trump and his family.
The crypto industry is waiting for the Senate vote before deciding how to deploy tens of millions of dollars in campaign spending. Sen. Jon Ossoff remains undecided, while Senate Majority Leader John Thune said the bill’s prospects could have changed in the past week.
This is a developing story.
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