WASHINGTON — White House officials convened senior executives from the cryptocurrency and banking industries Monday in an effort to break a legislative impasse on a key digital assets bill, but discussions over how to regulate stablecoin yields ended without a deal, according to numerous reports.
No credit union representatives were on hand for the event.
The session, hosted in the Eisenhower Executive Office Building and led by members of the White House Crypto Policy Council, brought together representatives from major crypto firms and financial trade associations to hash out differences holding up the Digital Asset Market Clarity (CLARITY) Act, a centerpiece of the administration’s push to establish federal rules for digital assets.
Participants included executives and trade group leaders from prominent cryptocurrency companies such as Coinbase Global Inc. — a leading U.S. crypto exchange — along with lobbyists from banking and financial services organizations, according to Bloomberg Law.
On the government side, White House AI and Crypto Czar David Sacks and Crypto Council Director Patrick Witt played key roles in steering the talks, the report added.
Central Sticking Point
As the CU Daily has reported, the central sticking point was whether stablecoins — digital tokens pegged to the U.S. dollar — should be permitted to pay interest or rewards to holders, a feature crypto firms argue is essential for competitiveness, but which banks say could lure deposits away from traditional institutions. Bloomberg and other news outlets reported that the meeting ended without resolving this dispute, leaving negotiations to continue.
