White House scrambles to whip votes for the Clarity Act and seeks to address banking industry concerns over stablecoin provisions

BlockBeats news, September 15: The Trump administration is going all out to persuade Senate Republicans to advance the landmark cryptocurrency legislation, the Clarity Act, in order to alleviate banks' concerns.

The White House plans to launch an interactive tool on September 15 that allows users to adjust parameters themselves and run different scenarios to demonstrate the conclusion of the Council of Economic Advisers (CEA) that there is no significant relationship between stablecoin growth and the outflow of community bank deposits. The White House move aims to rebut banking groups' concerns that stablecoin reward mechanisms could lead to deposit outflows.

However, several Republican lawmakers remain hesitant. Texas Senator John Cornyn said the latest text may still not address the core concerns of community banks and hinted that he might vote against it. The bill plans to divide digital asset regulatory responsibilities between the SEC and the CFTC and needs at least 60 senators' support to advance.

At the same time, crypto-friendly Democratic lawmakers believe that the latest revised ethics provisions are still insufficient in restricting Trump and his family. Senators Adam Schiff and Mark Warner both expressed concerns about this.

The crypto industry is currently waiting for the Senate vote result and is preparing to use tens of millions of dollars in political funds to support relevant candidates. The crypto political super PAC Fairshake has already invested more than $30 million in Democratic candidates in this election cycle. Georgia Democratic Senator Jon Ossoff has still not decided how to vote.