White House Convenes Bank and Crypto CEOs to Break Stablecoin Deadlock

The WHITE House is orchestrating a high-stakes meeting between banking executives and cryptocurrency leaders to resolve legislative gridlock surrounding stablecoin regulation. President Trump's crypto council is facilitating the discussion, which centers on whether digital asset firms should be permitted to offer interest or rewards on stablecoin holdings.

Three sources familiar with the negotiations confirm attendance from trade group representatives and sector leaders, though the administration has not publicly acknowledged the gathering. The closed-door session signals the administration's urgency to pass the stalled Clarity Act before regulatory uncertainties escalate.

Financial institutions and crypto platforms remain sharply divided. Digital asset companies argue interest-bearing products are essential for customer acquisition, framing restrictions as anti-competitive barriers. Traditional banks counter that deposit flight to higher-yielding crypto products could destabilize their funding models. The House approved its version of the Clarity Act in July 2023, but Senate inaction persists after the Banking Committee delayed its scheduled vote earlier this month.