As the CLARITY Act faces repeated delays within the Senate, the White House is attempting to mediate talks to resolve the standoff between banks and the crypto business representatives. White House crypto adviser and Coinbase executives, together with Paul Grewal, slam banks over pointless delays reminiscent of deposit flight dangers.
Turning CLARITY Act into Anti-Competition Bill Is “Shameful”: Patrick Witt
White House crypto adviser Patrick Witt acknowledged in an X post that the CLARITY Act “must remain a pro-innovation piece of legislation.” He criticized makes an attempt to hijack the legislative course of and switch it into an anti-competition invoice, calling it “shameful.”
Earlier, President Donald Trump slammed banks and warned that failing to go the crypto invoice might push the business to competing nations, together with China.
The Trump administration is assembly with banking and crypto representatives to resolve disputes, with Patrick Witt central to mediating talks concerning the CLARITY Act. Senators and White House crypto adviser are pushing for a compromise on issues reminiscent of deposit flight threat from stablecoin yields.
Democratic Senator Angela Alsobrooks, who’s a member of the Banking Committee, mentioned banks could need to make some compromises on the CLARITY Act. This comes because the Senate Banking Committee eyes a markup for the crypto invoice by March-end.
Coinbase Executives Rebuke Banks Over Delays
Coinbase executives together with Brian Armstrong, Paul Grewal, and Faryar Shirzad rebuke banking teams for ignoring President Trump and alter the bipartisan GENIUS Act as a situation for passage of the crypto market structure bill.
Coinbase CLO Paul Grewal claimed banks are trying to take rewards out of retail shoppers’ pockets and put them into large banks’ pockets. Banking representatives reminiscent of JPMorgan Chase CEO Jamie Dimon’s issues over deposit flight “risk” lacks proof.
What is being tried is to take rewards out of retail shoppers’ pockets and put it into the pockets of the largest banks on the planet. All to stop a deposit flight “risk” that lacks any proof in anyway. Is that what individuals elected their Senators to do? https://t.co/nX7tuIj8J9
— Paul Grewal (@iampaulgrewal) March 11, 2026
Banks are even contemplating lawsuits concerning banking charters for crypto companies. The Bank Policy Institute, which represents Wall Street giants together with JPMorgan Chase, Goldman Sachs, and Citigroup, is mulling a lawsuit against the US OCC over its push to supply banking charters to crypto companies.
CLARITY Act turning into legislation earlier than June dropped to 41% on Kalshi prediction market. Amid relays, Solana Policy Institute President Kristin Smith predicted that the CLARITY Act would pass by July. Kalshi information reveals 68% of passing earlier than 2027.
