Negotiations over the long-debated crypto market structure bill, known as the CLARITY Act, appear to be moving forward after a third round of talks at the White House on Thursday, even though a final agreement has yet to be reached.
White House Takes Lead In Crypto TalksAdditional details about the latest session were reported by Crypto In America journalist Eleanor Terrett. According to sources present at the meeting, the gathering was smaller than the previous week’s session and included representatives from Coinbase and Ripple.
No individual bank executives attended directly. Instead, the banking industry was represented through trade associations, including the American Bankers Association, the Bank Policy Institute, and the Independent Community Bankers of America.
The proposed text addressed concerns raised by banks in a document circulated last week titled “Yield and Interest Prohibition Principles.” While acknowledging those objections, the draft also made clear that any restrictions on rewards would be limited in scope.
Daily Penalties Proposed In DraftAccording to one crypto industry participant, banks’ resistance may be driven more by competitive pressures than by fears of large-scale deposit flight, which had previously been framed as the core concern.
That banking source noted optimism about a new proposed anti-evasion provision in the draft. The language would grant authority to the Securities and Exchange Commission (SEC), the Treasury Department, and the Commodity Futures Trading Commission (CFTC) to ensure compliance with a ban on yield for idle balances.
Civil penalties could reach $500,000 per violation, per day, underscoring the seriousness of the enforcement framework under consideration.
Talks are expected to continue in the coming days. One source familiar with the negotiations said that meeting the end-of-month deadline remains realistic, suggesting that, while differences persist, momentum toward a compromise is building.
Featured image from OpenArt, chart from TradingView.com
