Talks on landmark cryptocurrency legislation have stalled after banks refused to back a compromise negotiated by the White House, raising doubts over whether the bill will pass this year. President Donald Trump criticised lenders on social media, accusing them of trying to undermine his crypto agenda.
The Clarity Act seeks to create clear regulations for crypto firms and stablecoin issuers, promoting adoption while addressing risks that have limited industry growth. Disagreement centres on whether crypto companies can offer rewards or yield-bearing products, which banks warn could draw deposits away and affect lending.
Crypto companies including Coinbase support the White...