After a prolonged delay in the passage of the Clarity Act, the White House is keen to expedite the process. According to Bloomberg, the White House is seeking to meet with top executives from the banking and cryptocurrency industries to discuss stalled crypto legislation.
White House Leans in Favor of Crypto Firms on Clarity Act
According to Walter Bloomberg, the White House intends to host a meeting on Monday to discuss the impasse on stablecoins yields. Reportedly, the White House is rooting for crypto companies to pay yields for stablecoins.Â
Moreover, the White House has been working to legalize the crypto market, and the Clarity Act will be a game-changer. The Clarity Act has currently stalled following the last-minute withdrawal of support from Coinbase Global.
However, President Donald Trump and his team has recently signaled the urgency to pass the Clarity Act. For instance, Senator Cynthia Lummis recently stated that the lawmakers must exploit the short window of a pro-crypto U.S. President to pass the Clarity Act.
What’s its Midterm Market Impact?
The political goodwill from the White House to support the Clarity Act is a bullish signal amid bearish pressures. The wider crypto market has been trapped in a bear market amid the heightened capital flight to the precious metals industry.
With the 2026 midterm elections approaching, the political class in the United States is keen to appease the crypto community. Moreover, the pro-crypto super PAC Fairshake has raised over $193 millionÂ
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