The United States' cryptocurrency regulations are at a major crossroads. The fate of the CLARITY bill has become uncertain, but underlying this is a deep-rooted conflict between banks and crypto companies over stablecoin rewards.

Crypto companies aim to offer stablecoin rewards of around 3-4% to attract users. Meanwhile, the banking industry fears this could lead to up to $500 billion in deposit outflows, seriously impacting their lending capacity. Although the White House proposed a compromise to limit rewards to specific uses, it failed to gain support from banks, and negotiations have stalled.

Amid this situation, attention has been drawn to the recent SEC roundtable discussion. Regulatory authorities and industry leaders gathered to discuss future rules for digital assets. It is likely that this roundtable involved in-depth exchanges on current regulatory challenges and potential solutions.

The CLARITY bill, passed by the House last July, is a significant regulatory law aimed at establishing a clear framework where the CFTC oversees digital commodities and the SEC oversees securities. However, due to the conflict between banks and the industry, the bill’s passage is increasingly delayed. While some hope that the roundtable might provide a breakthrough, there are also views that a resolution by 2026 will be difficult.

Honestly, this regulatory war is not just a policy issue but exposes the fundamental conflict of interest between traditional finance and the blockchain industry. Neither side is likely to fully concede, and how much the roundtable’s outcomes are reflected will be a key factor influencing future market trends.