White House Economic Council Launches Tool to Counter Banking Concerns on Stablecoins

The White House Economic Council will launch an interactive tool on Tuesday that allows users to set parameters and run scenarios to support its conclusion that "there is no substantial correlation between the growth of stablecoins and the loss of deposits at community banks." This move aims to rally Senate Republicans to advance the CLARITY Act and address concerns from banking groups regarding the latest amendments to the bill. Several Republican senators have hinted at the possibility of voting against it, while pro-crypto Democrats have expressed dissatisfaction with the ethical provisions. The bill requires at least 60 votes to advance.

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