Overview
- Trump urged Congress to pass the CLARITY Act “ASAP” and accused banks of undermining the GENIUS stablecoin law and holding market-structure legislation hostage.
- Talks in the Senate remain stalled after January’s canceled Banking Committee markup following Coinbase’s withdrawal over proposed limits on exchange-offered rewards.
- The OCC’s late‑February proposal to implement GENIUS signaled third‑party yield arrangements may conflict with the law’s intent, though it stopped short of an explicit ban.
- JPMorgan CEO Jamie Dimon said platforms paying stablecoin rewards that function like interest should be regulated as banks with equivalent capital, liquidity and insurance requirements.
- The White House brokered multiple bank–crypto meetings and missed an end‑February target for a compromise, shrinking the spring window for a deal as the SEC and CFTC advance their own rulemaking.