Discussions at the White House between crypto industry leaders and banking representatives over a proposed US crypto market structure bill have been described as constructive, but no agreement has been reached on key stablecoin provisions.
The latest meeting, the second in two weeks, focused heavily on whether stablecoin issuers and platforms should be allowed to offer yield to token holders. While participants characterized the talks as productive, divisions remain over how stablecoin rewards should be treated under federal law.
Lawmakers are attempting to advance legislation that would clarify how US regulators oversee digital assets. Although the House previously passed the CLARITY Act, progress in the Senate has slowed amid concerns from banking groups about financial stability risks.
Banking Groups Push Back on Stablecoin Yield Payments
Major banking associations have argued that allowing yield payments on stablecoins, particularly through third-party platforms such as exchanges, could draw deposits away from traditional banks and weaken the broader financial system. A handout circulated during the meeting reportedly outlined principles supporting a prohibition on stablecoin interest or reward mechanisms.
Crypto advocates, however, maintain that market structure legislation should move forward independently of the stablecoin yield debate. With bipartisan interest still present, stakeholders acknowledge that further negotiations will be required to bridge differences and move the bill toward a Senate vote.
BitGo CEO Mike Belshe said ;
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