White House Hosts Feb. 2 Summit Aimed at Reviving CLARITY Act

The White House will host banking and crypto leaders on February 2 to attempt to reset negotiations on the Digital Asset Market CLARITY Act after a Senate markup collapsed in early January. The bill cleared the House in July 2025, and the Senate negotiations stalled over treatment of interest and issuer-paid rewards on dollar-pegged stablecoins, the scope of DeFi oversight for front-end interfaces and analytics providers, and the boundary between securities and commodities and agency roles among the SEC, CFTC, the Federal Reserve, and banking supervisors. Participants will include national bank associations, stablecoin issuers, exchanges, custodians, payments networks, and staff from the Treasury and the Federal Reserve, with SEC and CFTC officials likely to be consulted. The White House instructed attendees to surface red lines, agree targeted fixes, and provide statutory language that staff can use to produce a revised draft for Senate Banking Committee markup. The administration set three outcomes as measures of success: clarified statutory language addressing stablecoin yield treatment and promotional and risk-pooling practices, a locked-in Senate Banking Committee markup date with a path to a floor vote, and an agreed delineation of supervisory roles to reduce jurisdictional conflict and duplicative supervision. Market participants will watch for post-meeting redlines or a revised draft that clarifies reward treatment, issuer obligations, and an interagency jurisdiction map, and for updates to the Senate Banking Committee calendar and whip counts. The process could produce a narrow deal focused on stablecoin rules, a phased approach that stages complex market-structure and DeFi issues with agency coordination, or continued stalemate that pushes action to the next legislative window and leaves agencies to act through guidance and enforcement. Firms and teams have a two-week planning window to model revenue exposure to potential changes in interest and rewards definitions, review token classification risks, prepare for higher compliance costs on attestations and reserve accounting, and engage in trade associations and technical working groups. If negotiators deliver statutory language and a firm markup date, market participants will receive clearer direction on compliant yield products, bank integration, and token classification; if talks fail, firms may narrow product offerings, move activity offshore, or rely on regulatory guidance and enforcement in lieu of statute. 

Source: https://web3businessnews.com/policy/white-house-crypto-bill-summit/

Hosted on Acast. See acast.com/privacy for more information.