White House Secret Report May Rewrite Stablecoin Regulation: Senator Pressures for Disclosure, Bank Deposit Outflow Controversy Faces Turning Point

Gate News: On March 20th, a key development emerged in the U.S. stablecoin regulation debate. An internal research report prepared by the White House Council of Economic Advisers (CEA) has become a focal point of controversy in the Senate Banking Committee. Several Republican senators have pressured White House crypto officials, including Patrick Witt, to release the report publicly, believing it could directly influence the direction of stablecoin yield policies.

Sources familiar with the matter indicate that the report’s conclusions are relatively favorable to the crypto industry, suggesting that stablecoin yields have a limited impact on traditional bank deposit outflows but could significantly promote stablecoin adoption. CEA Acting Chair Pierre Yared previously stated publicly that the related incentives would not substantially weaken the stability of the banking system. This view contrasts sharply with the long-standing position of the U.S. banking sector, which fears that stablecoin interest rates could accelerate deposit withdrawals and disrupt credit supply.

Currently, disagreements over stablecoin yields have become a major obstacle to advancing the “Clarity Act” (Digital Asset Market Transparency Act). Senators like Thom Tillis are pushing the White House to disclose the full research to break the policy deadlock. The market generally believes that once the report is made public, it will weaken banking lobbying efforts and accelerate the bill’s passage.

Meanwhile, U.S. Treasury Secretary Scott Bessent has signaled support for regulatory adjustments, advocating for easing bank capital constraints to help restore credit activity and improve competition. This policy direction aligns with potential conclusions of the stablecoin research report, indicating regulators may be rebalancing the relationship between traditional finance and digital assets.

Time is running out. Lawmakers estimate that, before midterm elections influence policy agendas, the Senate has only about six weeks to push the relevant legislation forward. If the CEA report remains classified, policy uncertainty will persist, giving opposition more time to delay.

At the critical juncture of stablecoin regulation, banking system security, and crypto innovation, whether the White House releases the report could be a pivotal factor in determining the legality of stablecoin yields and the future development of the industry.