White House Hosts Summit with Crypto and Banking Leaders to Resolve Stablecoin Legislation Standoff

The White House will convene executives from the banking and cryptocurrency sectors on Monday to discuss progress on landmark crypto legislation that has stalled amid industry disagreements, according to multiple sources.

The meeting, organized by the crypto council of White House, will bring together leaders from key trade groups to focus on how the proposed law addresses interest payments and other rewards on customer holdings of dollar-pegged stablecoins.

This summit signals the administration’s push to reconcile differences between the two powerful industries and move the legislation forward. President Donald Trump, who has championed crypto adoption in past campaigns, aims to ensure the United States maintains a leading position in digital assets.

Summer Mersinger, CEO of the Blockchain Association, representing major crypto firms including Coinbase, Ripple, and Kraken, said, “We are proud to participate in next week’s meeting. We look forward to working with policymakers across the aisle so Congress can advance lasting market structure legislation and ensure the U.S. remains the global crypto capital.”

Cody Carbone, CEO of The Digital Chamber, highlighted the role of the White House in bringing all stakeholders to the negotiating table.

The Senate has been developing the “Clarity Act” for months, which seeks to establish federal regulations for digital assets, following years of industry lobbying. Crypto firms argue that current regulations are inadequate and that clear legislation is vital for legal certainty in the U.S.

While the White House passed its version of the bill in July, the Senate Banking Committee delayed debate and voting over concerns regarding the treatment of stablecoin interest. Disagreements among Republicans on these provisions further complicated the bill’s progress.

Crypto companies assert that offering interest and rewards is essential for attracting customers, while banks warn that increased competition could siphon deposits—the primary source of bank funding—threatening financial stability. Standard Chartered estimates that stablecoins could divert roughly $500 billion from U.S. bank deposits by 2028.

The legislation follows last year’s law establishing a federal regulatory framework for stablecoins, which prohibited issuers from paying interest. However, it left open a potential loophole allowing third-party exchanges to provide yields, fueling the current debate.