Wall Street banks, crypto leaders set to meet in Washington with landmark Clarity Act hanging in the balance
The final piece of legislation needed to meld the crypto world with mainstream finance is at risk of getting derailed.
At the center of the D.C. turmoil is a standoff that pits major crypto exchange Coinbase Global (COIN) against the US banking industry. To settle the matter, the White House has stepped in to mediate the fight.
On Monday, crypto czar David Sacks will host banking and crypto trade groups, along with Coinbase, for what could evolve into multiple rounds of policy negotiations, according to people familiar with the matter.
The need for the White House to step in comes after months of building tension over whether crypto platforms should be able to pay customers “yield,” or interest on their stablecoin…
