Daily Observation of Cryptocurrency Concept Stocks: The White House Issues an Ultimatum to the Banking Industry, the CLARITY Act Stablecoin Yield Dispute Enters a Decisive Stage

1. Why the White House is Taking Action Now

According to CryptoSlate on April 19, the White House has publicly urged the banking industry to "move forward" in negotiations regarding the CLARITY Act's stablecoin yield provisions, characterizing banks that maintain a hardline stance as "greedy"—this is the most direct public criticism from the administration regarding lobbying by the banking sector to date. The timing is quite significant: it has been a week since the Senate resumed its full session after the Easter recess, and the target window for the banking committee's markup is late April, with the legislative clock entering its final sprint phase. The White House's intervention at this moment essentially serves to apply weight to the negotiation scale using executive authority, seeking political space for the Tillis-Alsobrooks compromise (which allows activity incentives while prohibiting passive yields) to gain final approval.

2. The Fundamental Fear of the Banking Industry: Deposit Competition and Regulatory Arbitrage

The White House's characterization sharply contrasts with the concerns of the banking industry. The position of the banking sector, represented by JPMorgan Chase & Co. (NYSE: $JPM) CFO Jeremy Barnum, has been consistently clear: allowing stablecoin platforms to pass reserve interest to users in the form of yields effectively equates to operating products similar to bank deposits without having to meet bank capital, liquidity, and consumer protection requirements. Different institutions have significantly varying internal models estimating the potential scale of deposit migration (Standard Chartered's model estimates in the hundreds of billions, while JPMorgan cites even higher figures), but regardless of the specific numbers, the core demand of the banking industry is that "the same risks should be subject to the same regulations." The White House's labeling of this as "greed" essentially reframes the debate from a technical regulatory framework to a political narrative of "vested interests hindering innovation"—the strategic significance of this discourse reconstruction is comparable to any specific amendment of terms.

3. The Winning and Losing Variables for Coinbase and Circle

For Coinbase Global, Inc. (NASDAQ: $COIN) and Circle Internet Group, Inc. (NYSE: $CRCL), the White House's involvement is the external catalyst they need most. Coinbase CEO Brian Armstrong officially endorsed the CLARITY Act on April 10, reversing his previous opposition; estimates suggest that stablecoin-related revenue accounts for about 20% of Coinbase's total revenue, and the final wording of the activity incentive provisions will directly determine the sustainability of this revenue source (specific financial data will be disclosed in Coinbase's official earnings report). Circle's situation is more direct: USDC reserve interest income is central to its business model, and any narrow interpretation of "activity incentives" will compress its ability to pass reserve earnings to users. The White House's stance provides political backing for the compromise, but the final text still needs to navigate detailed negotiations in the Senate Banking Committee's markup.

Can Executive Pressure Break the Legislative Stalemate?

Historical experience shows that direct pressure from the White House on the legislative process often accelerates the pace of negotiations, but it does not necessarily determine the final text's content. In the case of the CLARITY Act, the real uncertainty does not stem from lobbying resistance from the banking sector (which has significantly weakened after the White House's intervention), but from two deeper variables: first, Democratic senators insist on including ethical provisions that prohibit government officials from benefiting personally from cryptocurrency businesses, directly targeting the Trump family's holdings; this politically sensitive issue is not directly related to stablecoin yields but has become a key obstacle to securing 60 votes for the bill; second, the situation regarding the Iran war and Trump's pressure on Congress to prioritize voter identity legislation may still encroach upon the Senate's limited agenda space. The markup results in late April will remain the most important single policy variable for the valuation of cryptocurrency concept stocks in 2026.

Data source: https://bbx.com/ Cryptocurrency concept stock information database, compiled based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.