White House officials respond to stablecoin controversy in the CLARITY Act

The discussion of the US "CLARITY Act" has sparked a debate between the banking industry and White House crypto policy officials. Christopher Williston VI, President of the Independent Bankers Association of Texas, stated that compromise would undermine local lending and economic productivity, and refused to back down on the issue of local economic liquidity. Patrick Witt, Executive Director of the White House Digital Assets Advisory Council, responded that failing to set limits on stablecoin incentives for intermediaries could lead to catastrophic consequences, and criticized the banking industry's logic regarding "deposit outflows."