Gate News reports that on March 8, the discussion of the U.S. CLARITY Act sparked a public debate between the banking industry and White House officials on cryptocurrency policy. Christopher Williston VI, president of the Texas Independent Bankers Association, posted on X stating that if the banking industry compromises on the bill, it will harm local lending and economic productivity, and he will not back down on liquidity issues supporting local economies. In response, Patrick Witt, executive director of the White House Digital Asset Advisory Committee, said that refusing to compromise on the CLARITY Act means there will be no restrictions on providing stablecoin incentives to intermediaries. Witt pointed out that, according to the banking industry’s claims of “deposit outflows,” such a situation could have disastrous consequences, a logic “like watching a arsonist threaten to burn down their own house.”
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