Brad Garlinghouse, CEO of Ripple, recently declared that banks must “act in good faith” regarding the much-talked-about cryptocurrency deal, cleverly dubbed the Clarity Act. According to Garlinghouse, the door to this historic deal is “wide open”-for now, at least-after an exhausting round of back-and-forth discussions. How long that door stays open is anyone’s guess.
Meanwhile, Patrick Witt, the White House’s digital asset advisor, had grand plans to push the legislation through by March 1. Spoiler alert: he didn’t. And if Brian Armstrong, the head honcho at Coinbase, doesn’t change his mind, this crypto deal might just go down in flames. You’d think they’d have figured it out by now, but here we are.
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But fear not-both the American Bankers Association and the Bank Policy Institute are still actively engaged in the talks. So, there’s that. They’re certainly doing their part, providing their invaluable insights on how to complicate things further.
Clarity is better than chaos
In a previous report by U.Today, Armstrong took an axe to the Senate bill, calling it worse than the “status quo.” He wasn’t fond of a few provisions, notably those concerning stablecoin rewards and yield. Apparently, the legislation’s draft would outlaw several reward structures, leaving Armstrong to ponder whether they’re just doomed to repeat history.
Garlinghouse, ever the realist, took a more pragmatic approach. He argued that while the bill isn’t perfect, it’s still better than total chaos. After all, clarity-even if imperfect-is better than stumbling around in a fog of uncertainty. And with that, he warned the crypto world not to let perfection hold back progress. Ah yes, the timeless advice of settling for ‘just okay’ while hoping for something better. Truly inspiring.
Last week, Garlinghouse boldly predicted that there’s an 80% chance the legislation will pass by the end of April. An ambitious forecast, but let’s see if anyone is still willing to bet on it when that deadline looms.
Earlier this month, Armstrong gave CNBC the classic “path forward” speech, suggesting that the stablecoin bill still has a shot. But whether the various parties will resolve their issues is a whole different story. Don’t hold your breath.
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2026-03-01 11:13