White House crypto adviser accuses bank lobby of contradictions on stablecoins
- —134 bank executives signed a letter against yield-bearing stablecoins in July 2026
- —Witt called the lobby's motives 'greed or ignorance'
- —The CLARITY Act already bans interest payments on payment stablecoins
- —Banks are demanding even broader restrictions under Section 10404 of the law
Why it matters: The dispute over stablecoin yield determines the future of crypto regulation in the US and could affect capital flows into the banking system.
Source: Crypto Briefing