US President Donald Trump is trying to move a long delayed crypto law forward. The goal is to find common ground between crypto firms and banks. This push comes at a tense time with elections coming later this year and growing pressure from both sides.
Reports say the White House plans to meet crypto companies and banks on February second. The meeting is meant to break the deadlock that has slowed the crypto market structure bill. The biggest problem is stablecoin yield. Banks worry that yield products act like interest accounts. Crypto firms say rewards are a core part of how users take part in digital money systems.
The bill is called the CLARITY Act. It ran into trouble earlier this month when major industry backing was pulled. Supporters said the draft had too many limits. These included a ban on stablecoin rewards and limits on token based assets. After that the planned Senate vote was delayed. Talks between the two sides then stalled.
The White House was not happy with this outcome. Officials reportedly asked industry groups to return to talks. Still the bill lost focus as lawmakers shifted attention to other issues. These included housing policy bad winter weather and the risk of a government shutdown. Many people thought the crypto bill would be pushed aside for months.
The latest move has changed that mood. The White House stepping in shows that crypto rules are still a priority. If passed the CLARITY Act would be the biggest crypto law since the earlier stablecoin framework law. That earlier law set basic rules but did not cover the full market.
Industry groups say they welcome the talks. Leaders from crypto trade groups said they want clear rules that last for years. They argue that clear law helps builders investors and users. They also say it helps the US stay competitive in digital finance.
Trump has a personal reason to push this now. During his election campaign he received strong backing from the crypto sector. He promised clear and fair rules. Moving this bill forward helps show he is keeping that promise.
At the same time the industry is preparing for the midterm elections. A major crypto backed political group has built a very large fund to support friendly lawmakers. The group says it will support leaders who understand digital assets and challenge those who oppose them.
Since last summer this fund has grown fast with large donations from within the crypto space. Analysts say it is now one of the biggest political funds in the country. This shows how much influence the crypto sector now has in US politics.
In simple terms Trump is trying to bring both sides together. He wants banks and crypto firms to agree enough to pass the law. The outcome is still uncertain. But the talks show that crypto rules are no longer a side issue. They are now part of the main political debate in the United States.
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