White House crypto adviser Patrick Witt on Wednesday called out banks for lobbying against a stablecoin yield ban they originally demanded, posting "Make it make sense" as an August deadline looms.
Why Witt Said 'Make It Make Sense' Witt posted on X that the American Bankers Association spent months demanding a ban on stablecoin interest payments to protect community bank deposits.
The Clarity Act included exactly that ban.
Banks then turned around and said the CLARITY Act must be stopped because it would destroy community bank lending.
American Bankers Association president Rob Nichols told CNBC the banking industry supports crypto regulation but said the current bill leaves a gap.
