White House Convenes Crypto and Banking Leaders to Break CLARITY Act Deadlock

The Biden administration will host a pivotal meeting on February 2, 2026, with executives from Coinbase (COIN), major banks, and crypto lobbying groups to resolve impasses in the CLARITY Act. The legislation, which stalled amid disputes over stablecoin regulations and interest-bearing accounts, has become a battleground between traditional finance and digital asset firms.

Coinbase CEO Brian Armstrong’s public withdrawal of support for the bill forced the WHITE House to intervene. The summit will specifically address treatment of dollar-pegged stablecoins—a sticking point for banks fearing deposit competition. Sources indicate no compromise has been reached after two weeks of negotiations.

The meeting underscores growing institutional recognition of crypto assets like BTC, ETH, and SOL, while exposing tensions over DeFi protocols and exchange-traded products. Outcomes could reshape custody rules for exchanges including Binance and Coinbase.