On Monday, White House officials met with leaders from the cryptocurrency industry and major banking groups in an effort to ease a critical regulatory dispute that has slowed progress on the long-awaited cryptocurrency market structure legislation, known as the CLARITY Act.
The meeting focused on one of the most contentious issues hindering the bill's passage: whether stablecoin issuers and related third parties should be allowed to offer yields or rewards on stablecoin holdings.
The discussion took place against the backdrop of ongoing lobbying from the banking sector, which has been urging lawmakers to include provisions in the CLARITY Act that would prohibit issuers and third parties from offering rewards tied to stablecoins.
However, the cryptocurrency industry argues that such restrictions would tilt the competitive landscape in favor of traditional financial institutions, which are increasingly concerned about competition from digital asset companies.
Eleanor Terrett from Crypto In America shared more details about the meeting, citing sources familiar with the discussions.
According to Terrett, the meeting lasted two hours and featured a lively atmosphere, with participants engaging in a balanced exchange about the risks and potential benefits of stablecoin yields.
The meeting brought together a wide range of stakeholders, including representatives from major banking institutions such as the American Bankers Association, the Bank Policy Institute, the Financial Services Forum, the Consumer Bankers Association, and the Independent Community Bankers of America.
Participants also included Fidelity Investments, PayPal, Paradigm, SoFi, Coinbase, Paxos, Crypto.com, Kraken, Ripple, and Tether, as well as advocacy organizations like the Blockchain Association, the Digital Chamber of Commerce, and the Crypto Council.
Other participants included Stripe, Galaxy Digital, Multicoin, Circle, and Cantor.
After the meeting, Cody Carbone, president of the Digital Chamber of Commerce and head of crypto policy, stated that the talks were an important step forward.
Cody remarked that the meeting "was exactly the progress needed to address one of the biggest issues hindering the advancement of market structure legislation."
Patrick Witt, executive director of the White House Crypto Council, expressed a similar sentiment, thanking participants from the cryptocurrency and banking sectors for their involvement, calling it a fact-based, solution-oriented dialogue.
Patrick noted that in recent months, policymakers and industry leaders have made progress on several policy challenges that were once thought to be insurmountable, and he expressed confidence that the stablecoin rewards issue could also be resolved through ongoing dialogue.
The banking groups participating in the meeting also issued a joint statement reiterating their positions. They emphasized that any final legislation should continue to support local lending to households and small businesses, maintain the stability of the financial system, and promote sustainable economic growth.
Despite apparent progress, the legislative process remains unclear. It is still uncertain whether the Senate Banking Committee will follow the lead of the Senate Committee.
The committee approved relevant portions of the CLARITY Act during a routine review last Thursday, clearing an important procedural hurdle.
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