- The White House will meet banking and crypto executives on Monday to discuss how the Clarity Act treats stablecoin interest and rewards.
- The Senate Banking Committee postponed its planned vote, while the House passed its version in July; Republicans remain split on stablecoin rules.
- A Standard Chartered report estimates stablecoins could draw about $500 billion from U.S. bank deposits by the end of 2028; trade groups plan to attend.
The white house will host a meeting on Monday with executives from banking and cryptocurrency firms as both industries try to break a deadlock over major crypto legislation, according to three industry sources. The session is intended to explore how to move the bill forward after the two sectors clashed over key provisions. People familiar with the plan said the discussion will concentrate on whether, and how, the legislation should allow interest and other rewards tied to customer holdings of stablecoins, the dollar-pegged tokens that have become a major point of dispute.
The gathering will be organized by the White House’s crypto council and is expected to include executives from several trade groups. Reuters first reported the meeting. The White House did not immediately respond to a request for comment, and the sources declined to be identified because the talks involve private policy discussions.
White house meeting centers on interest and stablecoin rewards
The conflict that stalled the bill has largely focused on how stablecoins are treated when crypto companies offer incentives to users. The sources said Monday’s white house summit will put that question at the center of the agenda. Crypto companies argue that rewards, including interest-style payments, are important for bringing in new customers. They say limiting those incentives would reduce competition and make it harder to expand their user base.
Banks, in contrast, have warned that allowing these incentives could pull deposits away from insured lenders. They point to deposits as the main funding source for most banks and argue that a loss of those funds could create risks for financial stability. The disagreement has become one of the main barriers to finalizing the legislation, even as the bill has drawn sustained attention in Congress.
A Standard Chartered report issued on Tuesday added a specific estimate to the debate. The report said stablecoins could draw about $500 billion in deposits from U.S. banks by the end of 2028. That projection has been cited as a measure of how large the shift could become if stablecoin use expands and customers move funds out of traditional accounts.
Legislation’s path in Congress and internal Republican divisions
The Senate has spent months working on the bill, known as the Clarity Act, with the goal of creating federal rules for digital assets. The effort reflects years of lobbying by the crypto industry. Crypto companies have maintained that current rules do not fit digital assets well and that new legislation is needed so firms can operate with legal certainty in the United States.
Progress has been uneven across the two chambers. The House of Representatives passed its version of the bill in July. In the Senate, the Senate Banking Committee had scheduled a debate and vote earlier this month. That meeting was delayed at the last moment. The postponement was tied in part to concerns among lawmakers and both industries over the interest question, according to the sources.
The bill has also faced political complications beyond the bank-crypto dispute. Two other people with knowledge of the talks said Republicans have disagreed among themselves about the stablecoin provisions. Senators leading the effort also worried the bill might not have enough votes to advance, adding to the pressure for revisions that can satisfy skeptics while keeping core industry support.
Trade groups join the white house talks as administration pushes for action
Trade groups representing the crypto industry are preparing to participate in the white house session. Summer Mersinger, the CEO of the Blockchain Association, said in a statement that the group is “proud to participate in next week’s meeting.” The Blockchain Association represents major companies including Coinbase, Ripple, and Kraken. Mersinger said the organization plans to keep working with policymakers from both parties so Congress can move forward with market structure legislation and keep the United States positioned as a leading hub for crypto.
Cody Carbone, CEO of The Digital Chamber, described the white house role as bringing the participants together, crediting it with “pulling all sides to the negotiating table.” The meeting also highlights the Trump administration’s interest in getting the legislation passed. President Donald Trump sought crypto support during the campaign and said he would promote broader adoption of crypto assets, and the Monday session reflects that push to translate those signals into legislative progress.
Conclusion
Monday’s white house summit brings banking leaders, crypto executives, and trade groups into the same discussion as lawmakers remain divided over stablecoin rewards and related provisions in the Clarity Act. With the Senate Banking Committee vote postponed and concerns persisting about both competitiveness and deposit flight, the meeting is aimed at identifying a compromise that could allow the bill to move forward.
Disclaimer
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