White House officials respond to the stablecoin controversy surrounding the CLARITY Act

The discussion of the CLARITY Act in the United States has sparked a debate between the banking industry and White House cryptocurrency policy officials. Christopher Williston VI, President of the Texas Independent Bankers Association, stated that a compromise would harm local lending and economic production capacity, and refused to back down on local economic liquidity issues. Patrick Witt, Executive Director of the White House Digital Asset Advisory Council, responded that not imposing limits on stablecoin rewards for intermediaries could lead to catastrophic consequences and criticized the banking industry's logic regarding "deposit outflows".