March 1 Deadline... Will Ripple and Banking Sector Reach Dramatic Compromise on the 'Clarity Act'?
March 1 Deadline... Will Ripple and Banking Sector Reach Dramatic Compromise on the 'Clarity Act'?
Ripple’s Chief Legal Officer (CLO) suggested that there has been progress in previously stalled cryptocurrency legislation discussions following a meeting at the White House, urging action while the opportunity remains open. Positive signals have emerged after banking and crypto industry executives gathered to seek a compromise for the passage of the “Clarity Act,” a U.S. cryptocurrency market structure bill.
According to DL News on Feb. 12 (local time), Ripple CLO Stuart Alderoty stated on social media platform X that the meeting at the White House was productive and that there was a spirit of compromise in the air. He emphasized that momentum remains strong for a reasonable, bipartisan cryptocurrency market structure bill and stressed that action must be taken now, while the window of opportunity is open, to secure a meaningful win for consumers and the United States.
The Clarity Act, the central focus of the discussions, aims to clearly define the regulatory responsibilities for digital assets between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, issues surrounding stablecoins and the payment of yields on them have acted as obstacles to the bill’s passage. Banking representatives have warned that allowing companies to provide rewards on stablecoins could erode deposit bases and weaken lending capacity for U.S. businesses.
A shift in stance was also detected from Coinbase, which had previously withdrawn its support in January in opposition to a draft version of the bill. Coinbase CLO Paul Grewal described his collaboration with Alderoty as productive, stating that the crypto industry was ready to work and that progress had been made. However, it remains unclear whether a concrete agreement has been reached, and DL News has requested comments from both Ripple and Coinbase.
Differences of opinion over the legislation persist within the industry. While Ripple CEO Brad Garlinghouse expressed satisfaction with the draft bill released in January, Cardano founder Charles Hoskinson criticized Garlinghouse for supporting it, revealing divisions within the sector.
Despite the inauguration of pro-crypto President Donald Trump, the industry continues to strongly call for clear regulatory frameworks. Lawmakers have informed crypto executives and banking representatives that they must reach an agreement on the market structure bill by March 1, drawing attention to whether a final compromise will be achieved within the remaining time.
*Disclaimer: This article is for investment reference only and assumes no responsibility for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.*
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