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John Deaton, a vocal Ripple advocate, has taken to his account on X to share his take on the current discussions regarding the CLARITY Act relating to crypto and stablecoins. These discussions are taking place in the White House at the moment between top crypto companies, i.e., Ripple and Coinbase, plus legislators and U.S. banks.
While banks are trying hard to ban yields on stablecoins, crypto companies are striving to oppose them, hoping to see pro-crypto regulation integrated and to see the U.S. become the global crypto hub.
John Deaton trashes banks as "enemy of regular people"
Deaton shared a tweet by Eleanor Terrett, host of the Crypto in America podcast and a former Fox Business journalist, about a new turn that the discussions of the CLARITY Act in the White House have taken.
Terrett’s post provides the details of the recent meeting in the White House dedicated to stablecoins and yield prohibitions raised by U.S. banks. While the crypto industry was represented by such behemoths as Ripple, Coinbase, a16z and the Blockchain Association, banks were represented by the American Bankers Association and Bank Policy Institute and Independent Community Bankers of America.
According to the post, the meeting has been described by crypto participants as “productive” and “constructive.” By now, substantial progress has been achieved. Earning yield on idle crypto balances, which initially was the major goal of the crypto companies, is now off the table. Any future restrictions on rewards would be strictly limited, the post says. What they are debating about now is whether crypto firms can offer rewards linked to certain activities.
However, the journalist added that she has been receiving contradictory data: positive data from the crypto side and also positive stories from the banks’ side of the debate. Terrett mentioned that banks still hope to enforce anti-evasion penalties of $500,000 per day via the SEC, Treasury and CFTC.
John Deaton reacted to this by trashing banks, saying they were enemies of average users way before crypto: “Banks have been the enemy of regular people for as long as I’ve been alive.”
Vladislav Sopov
Dan Burgin