The White House will convene a meeting with banks and crypto companies in an effort to reach a compromise on legislation.
PANews reported on January 29th that, according to Reuters, the White House will convene a meeting this Monday with executives from the banking and cryptocurrency industries to push forward the stalled cryptocurrency bill, which has been hampered by sharp disagreements between the two sides. The meeting will focus on provisions in the bill regarding stablecoin interest and other yields. The meeting will be chaired by the White House Crypto Advisory Council, and representatives from several industry organizations will attend. Crypto companies believe that providing yields is crucial to attracting users, and restricting this would harm their competitiveness; the banking industry, on the other hand, is concerned that deposit outflows could threaten financial stability. A Standard Chartered report this week estimated that stablecoins could lead to approximately $500 billion in deposit outflows from the US banking sector by the end of 2028.
The bill aims to establish a federal regulatory framework for digital assets, and the House of Representatives passed its version last July. The Senate Banking Committee was originally scheduled to review and vote on it earlier this month, but it was postponed due to disputes over yield terms and internal Republican disagreements on stablecoin provisions. Analysts point out that this meeting highlights the Trump administration's urgent desire to pass the bill.
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